LaTerra Development Acquires 42-unit Apartment Building in Heart of West Hollywood for $29,200,000; Plans Luxury Renovation & Addition of 10 Accessory Dwelling Units
LOS ANGELES, Dec. 1, 2021 /PRNewswire/ -- LaTerra Development, a Los Angeles-based multifamily developer, has acquired a 42-unit apartment building at 1121 N. La Cienega Boulevard in the heart of West Hollywood, CA, for $29,200,000. Located one block from the famed Sunset Strip, Terraces at La Cienega is in a highly walkable area close to prime shopping, dining and entertainment venues.
"This is an ideal opportunity for LaTerra to apply our skills to create an updated living environment for tenants, and overall increased 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 of 2.3 spaces per apartment. We intend to enhance this unique building design with a thoughtful renovation plan that will bring the apartments to today's modern convenience standards and, with the addition of 10 newly constructed apartment units, to provide more housing in this outstanding location."
Tourtellotte notes that West Hollywood is a most desirable area with a highly educated and highly paid professional group of residents.
LaTerra has retained Urban Architecture Lab to freshen the building's exterior façade with a handsome look that pays homage to the original architectural designs. Vintage 1990s interiors will be updated with new appliances, finishes, flooring materials and designer kitchen and bathroom fixtures. A washer dryer will be added to each apartment. A new rooftop deck with outdoor seating and dining amenities will expand the building's extensive open air common areas that will be enhanced with new landscaping and furniture.
The building's current mix of nine one-bedrooms, 31 two-bedrooms and two 3-bedrooms will be maintained. Current tenants will be offered the opportunity to relocate to a newly renovated apartment at market rates at completion.
LaTerra has identified 10 locations within the existing property that could be converted to Accessory Dwelling Units (ADU) given the ample on-site parking spaces, according to Tourtellotte. The ADUs will be one and two-bedroom apartments and are allowed under recent California law to help increase the supply of housing.
The apartment renovations, slated to begin in the first quarter of 2022, are planned to be completed over a two-year period. Amenity spaces and exterior building work are anticipated to 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 affiliate, LT Building Corp., are developing and constructing mixed use projects, with more than 3,000 multifamily units and over 250,000 square feet of premium commercial space. The estimated value of LaTerra's current projects at completion exceeds $2.5 billion.
LaTerra favors designs incorporating green building practices and sustainable materials by continuously seeking and implementing the latest in available technologies - cleaner and more efficient buildings, better sound attenuation, smart homes and services.
LaTerra's mission is to create innovative designs infusing new energy and capital into neighborhood communities while remaining consistent with local values. This mission is engrained in and reflected by the company's daily operating culture. 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
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