Decron Properties VP of acquisitions Daniel Nagel (here waving) tells us its Playa del Oro mixed-use, a 260-unit complex in LA’s Westminster neighborhood, is leasing up quickly. Situated on 13 acres smack dab in the middle of the Westside Tech Corridor, Phase 2 opened in mid-June and is already 50% occupied. Decron's four-story project offers studio to three-bedroom units and rents are about $3.50/SF.
“Our project is benefiting from job growth in Silicon Beach and the South Bay,” he tells Bisnow, notes that the project is attracting tech professionals, as well as students and faculty from nearby Loyola Marymount University and Otis College of Art and Design. “What’s interesting for us is this location is very centralized for folks going north to Silicon Beach and south to El Segundo, ” Nagel says.
“It’s safe to say there’s very strong rental demand for this type of product in this location,” he continues, explaining that the second phase enhanced existing lifestyle amenities attractive to millennials, such as a Fitness on Demand facility, with sauna, and steam room; lots of places for people to congregate, like lushly landscaped courtyards with outdoor lounge and BBQ areas; a Resident Café; and an indoor-outdoor sky lounge on the top floor that offers sweeping ocean and mountain views.
The highly walkable neighborhood includes Westminster Park and the complex’s Shop’s at Playa del Oro, with an LA Fitness, Coffee Bean, Beach Pizza, San Sai Grill, Yogolicious, Bowlmor and others. Adjacent uses, like a Ralph’s Fresh Fare Market and the Custom Hotel’s nightclub, compliment and extend retail amenities offered at Playa del Oro.
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