Los Angeles—Local developer Century West Partners has started 2016 off with a bang, currently working on seven active new communities in the area that are part of the company’s $1.3 billion, 2,300-unit development pipeline.
One such project is Next on Lex, a $280 million mixed-use project that has just begun construction. Upon completion, the community will be the largest apartment development in Los Angeles County in 2016.
Century West Partners, owned by the Fifield Cos. and Cypress Equity Investments, is constructing four six-story buildings totaling 494 units, with 8,140 square feet of ground-floor retail and services, anchored by Citibank. Initial unit deliveries are expected in fall 2018 with final completion in fall 2019. Designed by Killefer Flammang Architects, the community will also feature a pedestrian paseo that will connect the buildings.
“Next On Lex redefines the typical rental experience by offering modern luxury finishes and amenities that are more commonly found in for-sale upscale homes,” said Steven Fifield, co-founder of Century West Partners and the MHN 2015 Excellence Awards Winner (along with his wife, Randy) in the Executive of the Year Category. “We’re positioning NEXT to be THE fortress deal in downtown Glendale: biggest amenities, best finishes and top services to make it a vibrant and exciting community to live in.”
He added that the development reflects the company’s “bullish stance on multifamily,” as they see increasing demand from renters foregoing the for-sale housing market in the “hot regions of Los Angeles.”
“There’s a perennial shortage of housing that keeps the demand for apartments, especially luxury rentals for ‘rent by choice’ renters, in short supply,” Fifield told MHN.
The community, located in the 200 block of Lexington, is in the heart of downtown Glendale, with access to nearby major employers and retail destinations like The Americana at Brand and The Glendale Galleria. Citizens Bank secured a $126.4 million construction loan for the project.
The wide range of amenities include a fitness center with yoga studio, bicycle parking, onsite storage, private massage room, media room, pool with hot tubs, sky lounge, rooftop deck, underground parking and more.
“Our goal is to raise the bar in rental living in Los Angeles,” said Michael Sorochinsky, co-founder of Century West Partners. “This business model offers tremendous investment potential as it meets unmet demand among a number of sophisticated renter demographics looking for the flexibility of lease living without the sacrifice of luxury.”
With Century West Partners’ robust development pipeline, it is now one of the most active multifamily developers in Los Angeles. Two of their other recent ventures include Next on Sixth, a 380-unit mixed-use multifamily community, and K2LA, a 476-unit apartment development. Both are located in Los Angeles’ Koreatown, another up-and-coming area.
The company’s co-founder, Fifield, is also the president & CEO of Fifield Cos., another prominent multifamily development company of which his wife, Randy, is vice chairman. Fifield Cos. is also active in Los Angeles and Chicago, where it just broke ground on NEXT, a 310-unit luxury apartment community.
Looking toward the future, Fifield told MHN that the company plans to expand into other markets as well. “We like Austin, Dallas, San Diego for urban infill because they have great job growth and are desirable areas to live,” he said.
Renderings courtesy of Killefer Flammang Architects and NewGround PR & Marketing