LA’s Largest Co-Living Project Reaches Completion
- Jan 09, 2019
California Landmark Group’s new $30 million C1 multifamily development in the Marina Arts District is the first large complex in Los Angeles to contain co-living units. The project includes 51 luxury market-rate studio, one- and two-bedroom apartments, as well as 17 fully furnished co-living units with floorplans ranging from three to six bedrooms, all designed for communal living.
C1 is located at 4210 Del Rey Ave., one block east of Lincoln Boulevard in Marina del Rey’s Arts District. California Landmark Group is also developing the nearby 230-unit G8, the company’s seventh and largest project in the Marina Arts District since entering the market in 2006. When G8 is completed in late 2019, the Los Angeles-based real estate investment and development firm will have invested more than $350 million in the area, delivering more than 725 apartment units.
California Landmark Group President Ken Kahan said the co-living component of the new C1 development is an outgrowth of the rise of the shared society trends like Uber and WeWork, as well as a direct result of sky-high rents in the area.
“While the co-living units are larger and fully furnished, which makes them more expensive to develop, the cost per bedroom drops and we can provide individuals more affordable housing options than traditional rental units,” Kahan said in a prepared statement. “Its application to housing, particularly in Los Angeles, where rent-burdened tenants can pay as much as 50 percent of their income, was inevitable and we’re proud to be at the forefront.”
The leases for the co-living spaces have flexible terms, with rents including utilities, special events, building-wide WiFi, shared supplies, and cleaning services. Renters have the option to add other services such as wash-and-fold laundry and dog walking.
The co-living units average 1,650 square feet and include three to six bedrooms with a private or shared bathroom, fully equipped kitchen, and living and dining areas. Residents also have access to communal spaces like a rooftop patio, pool and gym. The main floor lobby features a communal kitchen and can also be used for co-working and event spaces.
California Landmark Group retained shared living pioneer Starcity of San Francisco to oversee property management and programming for both the co-living and market-rate units.
“We believe that as Los Angeles continues to experience a housing crunch, developments that offer multiple solutions to different types of LA residents will be key to keeping housing affordable for all,” Jon Dishotsky, Starcity co-founder & CEO, said in prepared remarks. “We’re proud to work with CLG, who understands Starcity’s vision and has the expertise to help us bring co-living to life in one of West Los Angeles’ more vibrant communities.”
Co-Living’s Global Growth
Co-living is popular in Europe, where Medici Living Group, parent company of co-living brand Quarters, and Corestate Capital Holdings S.A. agreed in December to invest $1.1 billion of equity and debt into the co-living market over three to five years. In the largest co-living investment globally, the firms plan to develop 35 projects in Germany, Netherlands, Switzerland, Poland, Austria, Spain and the U.K. Investments in each property will range from $20 million to $70 million. The projects will operate under the Quarters brand, which already has properties in New York and Chicago.
Also in the U.S., CityPads and Common started construction in November on Common Addams, Chicago’s largest co-living home. The property will have 223 beds across four stories, as well as more than 5,000 square feet of shared amenity space. Common launched its first two co-living homes in Seattle last summer.
Image courtesy of California Landmark Group