“This is an ideal opportunity for LaTerra to apply our skills to create an updated living environment for tenants and increased overall value for the city and our investors,” said Charles Tourtellotte, CEO of LaTerra. “Built in 1990, the building is low density with larger units, 9 foot ceilings, open courtyards and abundant common areas as well as exceptional parking with 2.3 spaces per apartment. will bring the apartments up to today’s modern convenience standards and, with the addition of 10 newly built apartment units, will provide more accommodation in this exceptional location. ”
Tourtellotte notes that West Hollywood is a most sought after area with a group of highly educated and well paid professional residents.
LaTerra retained Urban Architecture Lab to refresh the exterior facade of the building with a beautiful appearance that pays homage to the original architectural designs. Vintage interiors from the 1990s will be updated with new appliances, finishes, flooring, and designer kitchen and bathroom accessories. A washer-dryer will be added to each apartment. A new rooftop terrace with outdoor seating and dining areas will expand the building’s expansive outdoor common areas which will be enhanced with new landscaping and furniture.
The current building composition of nine one-bedroom, 31 two-bedroom and two-bedroom buildings will be maintained. Current tenants will be offered the option to move into a newly renovated apartment at market rates upon completion.
LaTerra has identified 10 locations within the existing property that could be converted into accessory housing units (ADUs) given the ample on-site parking spaces, according to Tourtellotte. ADUs will be one and two bedroom apartments and are licensed under California law to help increase housing supply.
Renovations on the apartment, which are slated to begin in the first quarter of 2022, are expected to be completed over a two-year period. The amenity spaces and exterior construction work should be completed within 12 months.
Paul Darrow of THG Multifamily Advisors represented the seller in this transaction.
About LaTerra Development, LLC.
LaTerra is a market-leading, fully integrated real estate investment and development company headquartered in Los Angeles, CA
LaTerra and its general contractor subsidiary, LT Building Corp., develop and build mixed-use projects, with over 3,000 multi-family units and over 250,000 square feet of premium retail space. The estimated value of LaTerra’s current projects at completion exceeds $ 2.5 billion.
LaTerra prioritizes designs incorporating green building practices and sustainable materials by continuously researching and implementing the latest technologies available – cleaner, more efficient buildings, better noise reduction, smart homes and services.
LaTerra’s mission is to create innovative designs that breathe new energy and capital into neighborhood communities while remaining consistent with local values. This mission is anchored and reflected in the daily operating culture of the company. By prioritizing the enrichment of people and relationships, LaTerra produces winning results for its residents, tenants, employees and investors.
Contact: Barbara Casey, Casey & Sayre, 310.990-0750
SOURCE LaTerra Development