Hines JV Opens LA Luxury Apartments
The community was developed alongside accompanying office and retail space.
Hines has opened a new property, The Residences at West Edge, for leasing. The 600-unit luxury apartment community is located at 12101 W Olympic Blvd. in Los Angeles.
The project is a joint venture between Hines, Philena Properties and Affinius Capital, formerly the USAA Real Estate Co. The community is the residential portion of West Edge, a 48-acre, four-building, mixed-use development which includes nearly 200,000 square feet of office space alongside 80,000 square feet of retail. Move-ins are scheduled for May.
West Edge’s past and present
Construction of West Edge began in 2020 at the site of a former Cadillac dealership, with both the commercial and multifamily components being completed in 2022.
The development is subject to a $325 million construction loan, provided by Wells Fargo Bank, according to Yardi Matrix data. Gensler, Togawa Smith Martin and Rios Clementi Hale Studios designed the LEED, WiredScore and WELL Core & Shell-certified project. In 2021, video game developer Riot Games inked a lease for the entirety of the complex’s office space, and a Gelson’s supermarket became the retail area’s anchor tenant, occupying 36,000 square feet, according to a report from Urbanize LA.
The Residences at West Edge feature kitchens with stainless steel appliances, quartz countertops and glass tile backsplashes, alongside plank flooring, in-house laundry machines, modular closets, energy-efficient HVAC systems and keyless entryways, with select units offering private balconies and terraces. A 15 percent portion of the community’s units will be reserved as workforce housing.
Willowick Residential, the multifamily property management subsidiary of Hines, will oversee the community’s operations. Across the property, residents will have access to quick access to the development’s office and retail space, alongside a list of amenities which includes a swimming pool, fitness center, dining terrace, outdoor theater, coworking space, library, lounge, sports bar and a private parking garage with electric vehicle chargers.
Additionally, the property hosts dining and retail space, with the buildings connected through a landscaped open-air plaza. Describing the mindset behind the setup, Varun Akula, managing director at Hines told Multi-Housing News, “In a post-COVID office environment pours out onto outdoor terraces which overlook an outdoor plaza which will act as a community gathering space. The program is centered around experiential retail containing grocery, dining, and wellness offerings.” Situated at the intersection of West Olympic Boulevard and Bundy Drive, the community is located within half a mile of a local light rail station, as well as an on-ramp to the Interstate 10, giving it both highway and public transportation access to much of Metro Los Angeles. The city center is 12 miles to the east.
Mixed-use in LA
With more than two-thirds of the City of Angels’ 31,763-unit, 230-property pipeline geared towards lifestyle communities, mixed-use projects around town have enjoyed a significant uptick in recent years, bolstered by resident desires for more recreational space and hybrid work flexibility, according to a February 2023 report from Yardi Matrix. At present, the city has more than 18,600 such units, ranking it as the fifth largest market in the nation, Yardi Matrix Data shows.
Recent headlines in the space have included Northland’s acquisition of THEA at Metropolis, a 59-story, 685-unit luxury apartment tower with 30,000 square feet of retail space. Northland purchased the property for $504 million in November 2022. In September of that year, GP Cos. opened Nine Thousand One, a 46-unit mixed-use project that features 10,000 square feet of retail space.