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.

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.

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.