SANTA MONICA, CA—The Belmar Apartments, one oftwo multifamily properties at the $350 millionOcean Avenue South development fromRelated Cos. and the City of Santa Monica, hasofficially opened. The property is already 100% leased and has atenant waiting list.

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Located at 1725 Ocean Ave. in Santa Monica, the six-storybuilding has 160 affordable rental units with a mix of one-, two-and three-bedrooms, plus ground floor live/work studios whereartists can work and display their finished products. The buildingalso offers ample amenities. Beyond the standard fitness center,residents will have access to a computer lab, outdoor lounge andbarbecue grills, bike storage and a resident community room.Subterranean parking and convenient elevator access are alsoavailable to residents. Koning Eizenberg, incollaboration with KTGY Architects, designed thebuildings to achieve LEED-Gold certification uponcompletion, which was successful.

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This is one of two residential properties at Ocean Avenue South.The second is the Waverly, a 65-unit condominium complex thatopened earlier this year. The mixed-use complex also features20,000-square-feet of retail space, and recentlysigned the first leases with three dining outlets,including the high-end market Joan's On Third.Starbucks Evening will and restaurantSearsucker will also occupy space in the complex,and are slated to open in early 2015.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.