LOS ANGELES-A recent surge of job growth in Torrance, Carson and the South Bay has left limited housing options for migrating employees. To fill the void, national real estate company Wood Partners is breaking ground on a new affordable luxury apartment complex, Alta South Bay. Currently under construction, the $55-million property will have 246 one-, two- and three-bedroom units with onsite lifestyle amenities.
“We think this is a very undersupplied market,” Brian Hansen, Wood Partners Southern California regional director, tells GlobeSt.com. He notes that the submarket has not only experienced significant job growth, but investments have also surged with the expansion of hospitals, retail centers and ports, which are creating a new American headquarters. Additionally, Herbalife recently moved its headquarters to the area. Multifamily developments are the next natural progression in the growth of this submarket. “We are going to be an affordable option, but we are going to provide the luxury experience, which is exciting,” says Hansen.
Alta South Bay will have the full gamut of luxury amenities, including an Internet café, fitness center, business center and an expansive pool and spa area with lush landscaping. Plus, the property is located a short 5 miles from the ocean. “It is going to have a resort feel,” Hansen explains. “We are spending a lot of time understanding how we want to design this, and we are really designing it for the demographic that is going to be living in the area.” The property will be open for leasing in summer 2015.
In a recent story on GlobeSt.com, a third quarter research report from Marcus & Millichap showed that the submarketwas experiencing lower vacancy rates, affording landlords an option to lift rents. At the time, improvements to the Panama Canal left uncertainties about job stability at local ports, and therefore uncertainties about the affect on the multifamily market; however, the impact of those improvements proved minimal and the ports are now expanding.
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