LOS ANGELES-Industry experts unrelated to the deal tell GlobeSt.com that the Vermont, a luxury apartment/retail community currently being developed by J.H. Snyder here, is expected to sell for $310 million. The property will feature 464 luxury multifamily units and 31,413 square feet of ground-floor retail space.
As GlobeSt.com reported in May 2012, after a long entitlement and permitting process, J.H. Snyder broke ground on the two-acre property at the southeast corner of Wilshire Blvd. and Vermont Ave. The Vermont will be the largest residential development to be built here since the beginning of the real estate downturn.
Jones Lang LaSalle has been exclusively retained by ownership to market the property, pegged as the most groundbreaking luxury high-rise project to be developed in Los Angeles. The Vermont will offer a diverse unit mix of one-bedroom, one-bedroom flex and two-bedroom residences, beginning on the 7th floor and ascending to the 30th floor on the West Tower and 24th floor of the East Tower. Units will range from 606 square feet to 1,007 square feet, with an average unit size of 776 square feet.
High-end finishes throughout include hardwood floors, wood cabinets, stainless-steel appliances, granite countertops, full-size washers and dryers and floor-to-ceiling windows. The apartments will offer views of the Downtown skyline, the Griffith Observatory, the Hollywood sign, the Hollywood Hills, Wilshire Streetscape, Bullock’s Wilshire, Century City’s skyline and the Pacific Ocean.
Amenities in the high-rise include a Sky Lobby featuring a club room library lounge, fitness center, spinning salon, yoga garden, 127-ft.-long infinity pool and resort-style sundeck.
The transit-oriented property is located immediately adjacent to the Wilshire/Vermont Metro Station servicing Metro’s Red and Purple Lines with convenient direct access to Downtown L.A. and Hollywood—both only 10 minutes away—and eventually Westwood when the Purple Line Extension is complete.