Located on West Broadway near Ocean Boulevard, gallery421 sits within a block of downtown and its bevy of amenities, and reached completion without any credit-crunch induced hindrances.
As is currently the case in most multifamily markets across the country, there is no severe shortage of luxury apartment housing, but Lyon did its homework. The company conducted extensive research to assess just what local residences desire most in a property, a move that may very well give the apartment development and management company an edge in its leasing efforts. In addition to gallery421’s 291 upscale residential units–ranging in size from 720 square feet to just over 1,350 square feet–the property presents such unique but highly coveted offerings as a yoga and Pilates studio; a private movie theater; a dog grooming room; and a business and conference center. Additionally, the building features 15,000 square feet of street-level retail space that currently includes an art gallery and will soon include an upscale restaurant and additional service-oriented businesses.
For most apartment owners, bringing a property to full occupancy in the current economic climate can be difficult to accomplish, but Lyon is undaunted. “The demand for luxury apartments in Downtown Long Beach is steady despite the challenges facing the regional and national economy,” Suzanne Maddalon, vice president, sales and marketing, tells MHN. “We also own and operate two other luxury communities–The Lofts at Promenade and 1900 Ocean–and both are virtually full.”
However, Lyon is not blind to the market conditions that could impede it from obtaining its leasing goals sooner rather than later. “It’s difficult to predict where the market is headed,” Maddalon says. “Demand is tied so closely to job growth and job forecasts over the next 12 months in Southern California are mixed. But we believe Downtown Long Beach is an outstanding place to own and operate luxury rental communities. It’s centrally located between Los Angeles and Orange counties, is near the water and offers all the cultural, entertainment and lifestyle options of a robust downtown. We look forward to doing business for a long time here.”
The City of Long Beach is keen on Lyon doing business in the city, too. “Lyon has made yet another important statement about Downtown Long Beach’s appeal as a place to live, work and play,” Mayor Bob Foster said of gallery421 in a prepared statement. “It is opening at an important time and will help generate new business for Downtown merchants.”