Multifamily Living...in Bel Air?
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Empire Property Group has completed construction of its 23-unit Empire at Bellagio luxury apartment complex. Managing partner Craig Berberian (snapped in his office) tells Bisnow there's a need for the complex in the area, which is mostly known for large single-family homes and what little multifamily product it does have is from the '70s. Craig says the biggest challenge was limiting density, as the wealthy neighbors don't exactly want a massive mixed-user.
In off-market deals, Empire picked up three four-unit apartment buildings in Bel-Air in the summer of 2012, which were later torn down to build the complex. Craig says the company does have a few units leased, but he expects to aggressively pick up marketing next month. Rent for a one-bedroom starts around $3,300 and a two-bedroom at just under $4k.
Units include large private balconies, high ceilings and floor-to-ceiling windows with views of the Santa Monica Mountains. Building amenities: in-unit security systems, a fitness room and a business lounge. Empire clearly sees a niche in upscale multifamily living: the company plans to break ground next month on a 23-unit complex next to the famous L'Ermitage on Burton Way in Beverly Hills.