The REMM Group has expanded its multifamily management portfolio in the Los Angeles area with its latest assignments totaling 177 units. TriCal Construction tapped the firm to manage its two luxury communities in downtown Los Angeles and Marina del Rey, according to Yardi Matrix data.
In downtown Los Angeles, the company will take over management at City Lights on Fig, a 100-unit community that’s 96 percent occupied, Frank Thorp, director of multifamily for The REMM Group, told Multi-Housing News. The property offers studio, one-, two- and three-bedroom units that range in size from 474 to 1,285 square feet and were built with ceilings up to 14 feet and in-unit washers and dryers. The amenities at City Lights on Fig include a courtyard, pool, resident lounge, fitness center, garage with direct elevator access to the units.
Located at 1300 S. Figueroa in the South Park District, the community is walkable to many nearby attractions and is across the street from the Pico tram stop and several bus stops. Sara D’Elia, CEO of The REMM Group, said in prepared remarks that residents of City Lights on Fig are steps away from the Lakers, Clippers and Kings games, the Microsoft Theater, The Grammy Museum and many restaurant and retail options.
West of downtown Los Angeles, The REMM Group will also manage the 77-unit Tribeca Urban that’s 99 percent occupied, Thorp also told MHN. The community at 4108 Del Rey Ave. in Marina del Rey offers one-, two- and three-bedroom units ranging from 620 to 1,380 square feet. The amenities include a fitness center, pool, courtyard, clubhouse, dog run and bike storage. While further removed from downtown Los Angeles, Tribeca Urban is still located near many local attractions, like the Villa Marina Marketplace Mall, Santa Monica Pier and the Marina del Rey Harbor.
Thorp told MHN that the company doesn’t currently have any planned renovations for either community but has made several enhancements to the exteriors and common areas. Thorp also told MHN that the occupancy rate at both communities has gone up since The REMM Group was tapped to manage them.
“We are an all-hands-on-deck group and support each other through the management of our assets,” Thorp told MHN. “We understand the market and submarkets of our communities and are always involved in the ever-changing climate to keep our assets performing at a high-level.”
MORE UNDER MANAGEMENT IN CALIFORNIA
With the two new assignments, The REMM Group’s management portfolio in the Los Angeles area has grown to 14 communities. The company also manages properties in the Orange County, Inland Empire and San Diego submarkets of California. The REMM Group also previously managed a 216-unit community in the Inland Empire before it was sold and self-managed by the new owners, Thorp told MHN.
Thorp told MHN that The REMM Group was also tapped to manage two additional California residential properties. The company will manage a community called Citron Apartment Homes in Riverside, Calif., that is currently in pre-leasing and a 135-unit community in Huntington Beach.