Los Angeles—A new multifamily community has opened in downtown Los Angeles’ growing Arts District thanks to a joint venture between Lowe Enterprises, Megatoys (the property owner for 20+ years) and institutional investors advised by J.P. Morgan Asset Management.
The Garey Bldg., a 320-unit community located on 2.9 acres between 1st and 2nd streets, offers studio, one- and two-bedroom units and a variety of amenities. Residents are also steps from the Metro Gold Line station and new regional connector station that’s under construction at 1st and Alameda.
The centerpiece of the community is a 50-foot-wide pedestrian paseo connecting 1st and 2nd streets with an upper-level residential bridge between the two five-story buildings. The paseo offers 15,800 square feet of commercial space that will be developed to include two restaurants and up to six retail stores.
The paseo will also be programmed with activities open to the public like yoga, art shows, music and other events.
“The property brings top-end quality residential apartment living to the Arts District neighborhood of downtown Los Angeles. Residents benefit from both the neighborhood location as well as the property amenities. Galleries, restaurants, retail and transit connections are readily available. Within the building residents have access to a wide array of building features and common areas” Tom Wulf, senior vice president of Lowe Enterprises, told MHN. “The vibrancy of the neighborhood, combined with the high demand and limited supply made for an attractive investment and development opportunity.”
Residences range in size from 411 to 1,033 square feet, with an average rent of $2,5000. Units feature nine-foot ceilings, open floor plans, stainless steel appliances and washers and dryers. Most units also feature a balcony or patio as well as walk-in closets.
“Located across the street from the acclaimed Hauser Wirth & Schimmel Gallery and steps from popular eateries and boutiques, The Garey Bldg. offers a contemporary and comfortable lifestyle option within this walkable community,” Wolf added.
The strong amenity package on the ground and second floors includes: The Collective, offering private and collaborative work stations, a meeting space and resident lounge; a fitness center called The Improvement Club; The Retreat, an outdoor pool and spa with barbecues, a fire pit and cabanas; Lounge 905, an indoor space near the pool area with televisions, a small kitchen and fireplace; The Library, with communal tables for games and reading; and The Union, an indoor/outdoor lounge near the pool deck.
The top level also includes The Lookout, a rooftop deck and lounge with views of downtown. Unsurprisingly, all outdoor spaces at the community are also sustainable, with drought-tolerant landscaping.
On top of all the amenities, the community is pet friendly, offering a dog run, off-leash dog park and pet salon. Residents also have access to onsite parking, 35 electric car charging stations, bike storage and a repair center.
The architect for The Garey Bldg. was Togawa Smith Martin with TGP serving as the landscape architect and Style Interiors providing the interior design. Alliance Residential Co. is providing leasing and property management services.
Other current projects for Lowe Enterprises include: IDEA1 in San Diego, a six-story community featuring 295 apartments, 25 ground-floor live/work lofts and eight luxury penthouses that’s under construction; The Hepburn, a 195-unit luxury apartment tower in Washington, D.C., that’s close to completion; and a 500,000-square-foot, mixed-use, transit-oriented development in Los Angeles near the Metro light rail station in Culver City for which the company is finalizing entitlements.