New Apartments Fill Despite Downturn

Morrison, who is a senior vice president at Legacy Partners Residential Inc., says that Legacy was "confident that that we had developed a superior product in an area that was hungry for new and sexy units." In addition to the 183 units, 7950 W. Sunset includes 13,282 square feet of ground-floor restaurant and retail space on the Sunset Strip.

Legacy's leasing effort produced 180 tours and 21 unit leases per month at $3 per square foot effective, Morrison notes. He attributes the seven-month lease-up to a collaborative effort by the developer's corporate and on-site team. "We were monitoring and dissecting traffic and marketing strategies on a daily basis," Morrison explains. "This enabled us to change and adjust our strategies every couple of days, if necessary," he says.

Rents at 7950 W. Sunset range from $2,100 to $4,600. The 183 apartments include 28 studios, 81 one-bedrooms and 74 two-bedroom units ranging from 590 to 1,238 square feet.

In addition to luxury finishes and appliances in the units, the complex features an elevated infinity edge swimming pool with spa and sundeck featuring Wi-Fi access and 360 degree views; four rooftop sky terraces, including one with a roof-top sky lounge featuring billiards and a private bar; a 3,100-square-foot fitness center; a sports lounge with LCD televisions; ab interior zen garden with Wi-Fi access; and other amenities. Residents also have access to a business center with computers, Internet access, as well as other amenities and equipment.

The project team for 7950 W. Sunset includes Legacy Partners Residential Inc., developer and property manager; Legacy Partners Builders Inc., general contractor; AIG Global Real Estate, financial partner; Guaranty Bank, lender; Thomas P. Cox Architects Inc., architecture; HRP Landdesign, landscape architecture and design; Fuscoe Engineering, civil engineering; Natural Graphics, graphics and signage; and Faulkner Design Group, interior design.

Since 1992, Legacy Partners Residential's Southern California office has completed 50 lease-ups totaling more than 11,000 units. Foster City-based Legacy has been involved in residential and commercial real estate for 40 years, acquiring, developing and managing a portfolio valued in excess of $6.3 billion.