Crescent Heights Wants To Make Century City Apartment Tower Condos
Miami-based developer Crescent Heights filed an application this month to convert its 40-story, 283-unit Century City apartment building into condos.
If approved, it would be the city's largest condo conversion, according to Commercial Observer, which first reported the news.
Crescent Heights developed the property at 10000 Santa Monica Blvd., called Ten Thousand, in 2017.
Rents at the property start at around $10K a month and go up to $65K a month for the penthouse, according to pricing on Apartments.com. The average Century City apartment rents for around $6,867.
The developer doesn't plan to reconfigure the units, and no construction is proposed, meaning the conversion is likely to take between four and six months, CO reported.
The median condo price in Century City in May was nearly $1.6M, and even at its lowest point this year, the monthly average was above $1M.
In the first quarter, Crescent Heights bought a two-tower, 350-unit Santa Ana apartment complex from Essex Property Trust for $240M, or $686K per unit, The Real Deal reported at the time.
