Legacy Partners’ New LA Property on Track to be Fully Leased by June Despite Slow Economy
- Jan 27, 2009
By Anuradha Kher, Online News EditorLos Angeles–Legacy Partners’ newest project, 7950 W. Sunset (pictured), a $73 million mixed-use luxury rental community in Los Angeles featuring 183 apartments and ground level retail, is now 38 percent leased. The developer expects the project to be fully leased by June 2009.“Considering everything that is going on in the economy and the job losses that have occurred in Los Angeles, we are pleased with the number of lease-ups,” Tim O’Brien, Legacy Partners SVP and partner for SoCal, tells MHN. “Of course, we have been providing incentives like two-month rent free etc. and discounted rents on some units, but by and large rents are higher than we anticipated them to be.”Rents range from $2,100 to $4,600 per month. Legacy Partners achieved a long-term ground lease agreement with the Director’s Guild of America in 2005 to replace an existing parking lot and develop the five-story Class A apartment project. Located along Sunset Boulevard at Hayworth Avenue, with views of the Hollywood Hills and downtown Los Angeles, 7950 W. Sunset features single-story units and town homes ranging in size from 590 to 1,238 square feet. The project’s 15,000-sq.-ft. retail component includes Wells Fargo, Fresh Bites, Pizza Fusion and San Sai Sushi. “Oddly enough, we did not face any issues with the retail stores despite the turmoil in the retail sector. I think it is because this location is under-retailed and we did no have an overwhelming amount of it to be filled,” says O’Brien. All units feature stainless steel appliance packages, full-size washer/dryers, refrigerators, dishwashers, gas ranges with microwaves, unique sliding glass and wood barn doors, as well as ceiling fans outlets in living areas and bedrooms. High-tech amenities include a private security alarm option, pre-wiring for high speed Internet access and cable TV. The project also features an elevated infinity edge swimming pool with spa and sundeck featuring Wi-Fi access and 360-degree views. In addition there are four rooftop sky terraces, one with a roof top sky lounge featuring billiards, private bar, intimate seating and spectacular views. In addition, the project includes a 3,100-sq.-ft. fitness center.