August 27, 2009

Developers Complete 195 Multifamily Units

By Bob Howard
LOS ANGELES-Developers of three new projects in the
Los Angeles area have added 195 new units to the
region's multifamily inventory. The three new complexes
include two apartment projects and one lofts development
for a total of 111 apartments and 84 condominiums. The
projects are the 49-unit Rayen Apartments developed by
the nonprofits A Community of Friends and Penny Lane
Centers in North Hills, the 62-unit Luxe@1539 developed
by NMS Properties in Santa Monica and the 84-unit
TLofts development in West Los Angeles, a project of Lee
Rayen Apartments Homes and CityView.

Rayen Apartments is a $15.1 million affordable housing

development at 15320 Rayen St. in North Hills with
supportive services and is one of the first projects in the
state designed to serve emancipated foster youth, a
highly at-risk population, nearly half of whom end up
homeless. It is also one of the first to be funded by the
City of Los Angeles Permanent Supportive Housing
program, which provided $4.5 million in financing for the
project. Other financing included $10.4 million from low-
income housing tax credit equity, with the balance coming
Luxe@1539 from A Community of Friends and Union Bank providing a
$4.4 million construction loan.

The four-story Rayen building comprises 21 studios, five

one-bedroom units, eight two-bedroom apartments and
15 three-bedroom units. The project site was a vacant
1.13-acre property that had been used as parking for
Penny Lane Centers, a provider of social services for
foster care youth.

The Luxe@1539 is a six-story project at Colorado Avenue

and Fourth Street in the center of Downtown Santa
Monica that features 30 floor plans in penthouses, two-
TLofts
story lofts, single-story and studio units ranging from 435
to 1025 square feet, with rents starting at $1,740 and peaking at $3,580 for penthouses. Neil
Shekhter, president of NMS Properties, says that the many floor plans demonstrate that the firm's
new development "is definitely not a cookie-cutter building where everyones apartment looks like its
neighbors. A major effort has been extended to attract tenants who place a premium on
individuality, notes Shekhter, who also developed the Olympic Studios, a project composed solely of
375 square-foot units.
The designer for Luxe@1539 was Santa Monica-based Killefer Flammang Architects (KFA), which
also designed Olympic Studios. The project site is across from Santa Monica Place at the city civic
and commercial core, which includes the Third Street Promenade and the forthcoming Expo line that
will terminate at Fourth Street and Colorado Avenue, about 40 feet from the project.

Lise Bornstein, a KFA Associate, points out that the design features "echo the urban environment.
For example, the two-story penthouse units, with floor-to-ceiling window-walls, provide a high-rise
impression. To enhance the views and for entertaining purposes, many of the units have large
balconies or terraces of up to 230 square feet. In addition to the residences, there are two levels of
underground parking and retail convenience facilities are planned for the street-level, according to
KFA.

The TLofts development consists of one- and two-story lofts ranging from 943 to 2,050 square feet
with one to three bedrooms and up to three baths, at prices starting at $415,000. Designed by
architect Withee Malcolm, the project is situated at 11500 Tennessee Ave., a block off the Olympic
Boulevard commercial corridor and a couple of blocks west of Sawtelle Boulevard. The ground floor
includes six work/live spaces with street frontage and access, and a conference center will also be
available for all residents.

Lee Homes, a Los Angeles-based developer, describes the development as an eco-friendly

community that is an Energy Star-certified building and "the only large project in L.A. to offer
charging stations for electric cars there are currently 18 dedicated stations." The project features
secure, gated underground parking of two spaces per unit, plus ample guest parking. Other features
include a landscaped courtyard, a spa and a barbeque area, a community workout area/gym, a dog
park and a view deck.

The complex is within walking distance of bus stops and near the planned Exposition Light Rail Line,
which will run parallel with I-10 along Pico Boulevard from Downtown to Culver City when completed
in mid-2010. The developer also notes that residents can walk to retail services, restaurants,
entertainment venues, the post office, banks, Stoner Recreation Center & Park or bike to the beach.