PLAYA VISTA, CA - Lincoln Property Company and Phoenix Property Company have finalized construction of the first of four residential properties in the new Runway development in the heart of the burgeoning Playa Vista community on the west side of Los Angeles. The first building, with 100 units, has achieved two-thirds occupancy only six weeks after opening. An additional 320 units in the remaining three buildings are expected to be ready for occupancy by year’s end. Leasing activity has far exceeded expectations, with a diverse resident base including young professionals, empty nesters and students from nearby Loyola Marymount University.
The 100-unit property is the first apartment building to open at Playa Vista since 2008, and the first to be completed and occupied in the new Runway downtown area of Playa Vista now under construction. The mixed-use Runway development is anchored by Whole Foods Market, CVS and Cinemark, and includes a wide variety of on-site retailers including daily conveniences like Starbucks, Chase and Wells Fargo, and restaurants such as Hopdoddy Burger Bar, Lyfe Kitchen, 800 Degrees and N’ice Cream. The area is within walking distance of the Silicon Beach commercial district at Playa Vista that now includes top technology and entertainment employers including Facebook, Google and IMAX.
The buzz generated by Runway’s first apartment property has been palpable. Prospective residents registered to receive online updates and participate in tours of the new development months ago. In July, the first pioneering residents moved in, experiencing the new parks and retail areas that are now coming to life to complete the Playa Vista community vision.
Robust interest in the apartment community speaks volumes about the growing market for housing in one of the Westside’s most exciting neighborhoods. Besides being located in the heart of Playa Vista and adjacent to the Silicon Beach commercial district, Runway is a short drive from the thriving Abbot Kinney corridor in Venice, Los Angeles International Airport, Santa Monica’s Third Street Promenade, and three major Los Angeles universities – UCLA, LMU and USC.
“We are thrilled with the public’s reception of the first multi-family building at Runway Playa Vista,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company in California. “The leasing success reflects the market’s enthusiasm for these kinds of communities on the Westside—all-inclusive neighborhoods that foster collaboration and innovation by promoting a sustainable, walkable urban lifestyle.”
Source: Lincoln Property Company / #Apartments #Multifamily