Following the acquisition of Palette at Arts District for $58.9 million, Harbor Group International has funded $24.3 million in preferred equity investment for the development of Silicon Beach Live Apartments, a Class A, mid-rise multifamily project in West Los Angeles. Sandstone Properties is scheduled to start construction later this year—the property will consist of 176 units upon completion. This marks HGI’s third California-based transaction this year.
The five-story building will be located adjacent to The Promenade, a 250,000-square-foot outdoor shopping and entertainment center, and to the 1.3 million-square-foot Howard Hughes Center. Additionally, the property provides convenient access to Interstate 405 and large tech companies including Google, Microsoft, Facebook, Amazon, Apple and Sony.
The luxury Silicon Beach Live Apartments is set to include common-area amenities such as a swimming pool with cabanas, yoga room and game room. Additionally, a casual lounge room, private dining area and 2,000 square feet of fitness area that opens to the pool area will also be available. The property will include 2.5 levels of above- and below-grade parking and roughly 200 bike stations.