Luxe apartment amenities escalate. Rents rise, too

Kurve on Wilshire is a new apartment building that costs $300 million. You can receive a weekly housekeeper visit. She will make your bed to hotel standards, load your dishwasher and tidy up the place.

Housekeeping can also deliver your mail to your unit and box up and return any items that you have purchased online. That’s just for starters, all available for a fee through a phone app.

Kurve residents have a number of amenities, including the Klubhouse.

(Allen J. Schaben / Los Angeles Times)

Assistants will do your grocery shopping, and place food in your fridge for a fee of 5% of your total bill. Dry cleaning and laundry will be done in the same way. Additional services available through the tenants’ app include pharmacy pickups, basic tailoring and a tech “concierge”To help with your computer problems.

Kurve, a boutique located near Koreatown, isn’t the only one offering this level of pampering. It is also trying to compete in a highly crowded upper-tier market. Los Angeles has a long history of Floridly Luxurious Apartment Buildings. The demand for luxurious living quarters is not waning as rents continue rising.

An aerial view of the grills, Korean barbecue and open-air dining areas on the one-acre rooftop park and pool at Kurve.

An aerial view of the outdoor grills and Korean barbecue areas on Kurve’s rooftop park and pool.

(Allen J. Schaben / Los Angeles Times)

The demand for housing is high, but new apartments can be costly to build and require high rents in order to make a profit. Owners are making every effort to find tenants who can afford top-tier rentals.

Some housebound residents want more luxury during lockdown, so landlords are constantly upgrading their amenities to get their units leased.

“The goal is to make it as stress-free for tenants as possible,”Scott Dobbins, landlord, said. “Take pressure off of people.”

Developers Scott Dobbins, left, and Garrett Lee stand outside a Kurve penthouse.

Garrett Lee and Scott Dobbins, developers, stand on the party-sized deck at one of the Kurve penthouses. Rent for a penthouse is likely to be around $30,000. A typical unit will cost around $30,000. A one-bedroom unit will cost about $3,000 per month.

(Allen J. Schaben / Los Angeles Times)

Dobbins’ is president of Hankey Investment Co., which developed Kurve with Jamison Properties. Los Angeles-based team also created Circa, a twin tower apartment complex with twin towers worth $500 million. It is located across the street of Staples Center downtown. It is wrapped in a blocklong video screen and offers penthouses for rent for $25,000 per month.

Kurve offers two-story penthouses on two floors that developers hope to rent out for as high as $30,000 per month. They also include their own party-sized outdoor decks and hot tubs that offer city views. The average unit is about $3,000 per monthly, with a 1-bedroom unit going for around $3,000

A view the one-acre rooftop park and pool at Kurve.

View of Kurve’s one-acre rooftop pool and park.

(Allen J. Schaben / Los Angeles Times)

Kurve’s September opening was short-lived. Daniel Lee, a resident, moved in quickly and was drawn more to the expansive roof deck than to the kitchen-spritzing and bed-making services.

“I’ve never seen a rooftop walk that’s dog-friendly,”Lee, who walks with his mixed-breed Danni.

Lee loves that his dog can go to a special patch made of artificial grass, which drains into the city sewers. Koreatown was where he used to live. “walking my dog at night was kind of dangerous.”

A view from an upscale unit looking at the one-acre rooftop park and pool at the $300 million Kurve.

A view from an upscale unit looking at Kurve’s one-acre rooftop park and pool.

(Allen J. Schaben / Los Angeles Times)

Lee, an IT specialist, works from home at least twice a week. fashion company in Hollywood, likes to set up shop in Kurve’s co-working facilities where he can plop at a wooden desk or in a conference room. These WeWork-style offices have become a common feature in new buildings. Flexible work schedules are becoming the norm, and tenants are looking for places where they can concentrate outside of their apartments.

Park Fifth is a downtown Los Angeles residence that offers residents the opportunity to work on an open deck at the 24th floor. This deck has views of nearby skyscrapers as well as Pershing Square park below.

A street-level view looking upward at Park Fifth Tower, a 24-story tower apartment building in downtown L.A.

Residents can work from the 24th floor at the Park Fifth Tower, a 24-story tower in downtown Los Angeles.

(Gary Coronado / Los Angeles Times)

“We have USB ports everywhere,”Victor MacFarlane, the landlord, stated that tenants have access to Wi-Fi throughout their property, including in the garage.

MacFarlane stated that the pandemic will increase the creation of common spaces for tenants to work from home because many employers expect to accept flexible work hours even after COVID-19 is gone. The trend of creating welcoming spaces for tenants to hang out was already growing in part because units have been shrinking to keep tenants’ rents down as construction costs rise, he said.

They’re also required to remain competitive. MacFarlane Partners chairman and chief executive said that the amenities that once made apartment blocks stand out are now standard features for high-end apartments.

Fitness center with views of downtown at Park Fifth Tower

Park Fifth Tower’s fitness center offers views of downtown. Apartment buildings used to be distinguished by their unique amenities. These amenities are now standard for high-end apartments.

(Gary Coronado / Los Angeles Times)

A good gym and pet-friendly are two of the best things about having a pet. “a necessity today,”He said. “It’s not an option anymore. If you don’t have those things you’re not going to lease, nor are you going to get your rents.”

Kurve, Park Fifth, as well as other buildings, now offer furnished barbecue centers for tenants to host get-togethers. Park Fifth also offers refrigerated lockers for grocery deliveries.

Top-line gym equipment “and enough of it”MacFarlane stated that they are required, as well as spaces for classes like yoga, Pilates, and aerobics. Instructors can be onsite or online to guide stationary bike rides in certain buildings.

MacFarlane indicated that 95% of the 347-unit Park Fifth building and the sister 313-unit Trademark building built next door by MacFarlane Partners is leased. The landlord offers periods of free rent to tenants who sign a one-year lease in order to get them into the downtown market, where many luxury properties have been available in recent years.

Park Fifth Tower has a rooftop deck with an infinity-edge pool, cabanas and hot tub.

Park Fifth Tower boasts a rooftop deck with an Infinity-edge Pool, Cabanas, and Hot Tub.

(Gary Coronado / Los Angeles Times)

He hopes to end rent concessions as the economy improves and office workers return downtown. But, renters are now competing with two fancy highrises that were originally designed to be condominiums.

Thea, a skyscraper with a 58 story, was built by Greenland USA in 2020 as part of the Metropolis condominium and hotel complex. After the condo market failed to support it, it became a 685 unit apartment building. Prospective tenants can expect to receive as much asEight weeks of rent-free To sign a Lease

Related Cos. has decided to abandon the original plan for the Grand, a Frank Gehry-designed mixed -use complex that is located across the Walt Disney Concert Hall. It will instead open 436 apartments, including what Related calls “Related Calls” next year. “ultra premium”Units at the 45-story tall tower.

Resident Kevin Aquino relaxes on the rooftop deck.

Kevin Aquino, a resident of Park Fifth Tower in downtown L.A., relaxes at the rooftop deck.

(Gary Coronado / Los Angeles Times)

“The majority of downtown L.A. residents are professionals who want to live close to their places of work and they want to rent,”Rick Vogel, a senior vice-president at Related. “Our leasing model reflects the growing demand for luxury apartment rentals full of first-class amenities, in a prime downtown L.A. location.”

Design can also be an amenity, as architects like Gehry bring flair to apartments — a commodity that seemed to disappear decades ago when stucco boxes and humble dingbats became the norm and provided low-cost housing. In recent years, many young professionals who make good money but move often or don’t want the hassles of home ownership have turned to apartment buildings with more style and status.

MAD Architects from China, a firm known for its bold designs such as the “Star Wars”StyleLucas Museum of Narrative Art A new apartment building in Denver is currently under construction near Los Angeles Memorial Coliseum. A cascading canyon which appears to be “carve” into the building’s façadeAs if by natural forces.

MAD did not call the project an apartment building. Instead, they referred to the 187 units as “for-lease residences.”

In Los Angeles, there have been thousands of apartment buildings built in the last few years. Many of these tall, steel-framed buildings are more expensive than the shorter, wooden-framed apartments.

“It is very expensive to build here,”Richard Green, economist, said that lengthy approval processes and high construction costs are some of the reasons for this. He said that higher rents are one consequence.

Rooftop deck with 360˚ views of downtown Los Angeles at Park Fifth Tower.

Park Fifth Tower, with its rooftop deck, and other stylish apartment residences are a lure to many young professionals who make good money but move often or don’t want the hassles of home ownership.

(Gary Coronado / Los Angeles Times)

Developers want to make a profit when it costs $500,000 to build apartments. Green is the director at the USC Lusk Center for Real Estate. That’s one reason downtown has higher-than-average vacancy, because tenants should be earning more than $100,000 a year to pay such rents.

According to a USC Lusk Center Casden Forecast, there is more than 5% vacant in popular apartment markets, from downtown west to the coast, including Koreatown. Normally, the vacancy rate would be too high to cause a drop in rents. But empty units are being rented quickly enough that it suggests only moderate increases in rents in those areas.

The report stated that vacancy rates in many markets other than densely populated metropolitan areas are at their lowest levels ever because of changes in renter behavior during COVID-19, when people moved out of urban centers. Many suburbs are experiencing steeper rent increases than the big cities due to falling vacancies.

Rooftop deck with infinity-edge pool, cabanas and hot tub

Park Fifth Tower’s rooftop deck includes a hot tub, infinity-edge pool and cabanas.

(Gary Coronado / Los Angeles Times)

The forecast predicts that rents in the third quarter 2023 will rise by $252 in Los Angeles County and $410 in Orange County. They will also increase by $348 in San Diego County and $310 in Ventura County. $241 is in the Inland Empire which includes San Bernardino as Riverside counties.

Los Angeles County’s average rent is $2,073, with 3.9% vacant. Orange County has a median rent of $2,439, and vacancy of 2.1%.

MacFarlane, who plans one of the most ambitious mixed-use projects currently in Los Angeles, stated that new buildings will compete for amenities. Two upmarket hotels, apartments and condominiums will be included in the Angels Landing project. The towers will include restaurants, shops, and condos. The tallest of these would be a 63-story skyscraper.

A view of Pershing Square from the rooftop deck at Park Fifth Tower in downtown L.A.

A view of Pershing square from the rooftop deck of Park Fifth Tower in downtown L.A.

(Gary Coronado / Los Angeles Times)

MacFarlane and R. Donahue Peebles, his co-developer, plan to complete Angels Landing by the 2028 Summer Olympics. MacFarlane also acknowledges that the market-rate units in buildings near the historic Angels Flight funicular train on Bunker Hill will not be affordable to rent. Five percent of the 252 apartments are subsidized “affordable”Rates will rise and affordable housing will be built off-site.

Construction will be expensive because developers will need to excavate five stories worth of dirt, which will cost about $93 million. This will increase the overall price tag to $1.6billion.

Dobbins, Kurve developer, stated that amenities will continue to increase in the years ahead. Dobbins is building a new 490-unit apartment community near the Vermont/Beverly metro station in Los Angeles. It will include music recording studios and gaming rooms when it opens in 2023.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *