Thank you for sharing!

Your article was successfully shared with the contacts you provided.

[IMGCAP(1)]SANTA MONICA, CA-Developer Neil Shekhter of NMS Properties thought small to create his recently opened Olympic Studios, a project of 165 two-story lofts where the units average 375 square feet and rent for $1,061 to $1,327. Shekhter has rented out 61 units of the 100-unit first phase since it opened in January, with the second phase slated to open in about six months.

Shekhter reasoned that the market for the lofts would be young single professionals, retirees with limited incomes and college students looking for rents that are affordable in the pricey Westside apartment market. Shekhter’s estimate has turned out to be on target, with about 70% of the units rented thus far occupied by young business people, a few retirees and the remainder college students.

[IMGCAP(2)]The Olympic Studios project, at 2001 Olympic Blvd., was designed by Santa Monica-based Killefer Flammang Architects and is a few blocks from Santa Monica College. Shekhter says that what makes his units economically viable is the project density, which is created by two-level living with kitchen, bath and dining/living areas on the ground floor and bedrooms on the upper levels. Killefer says that the designed was created to convey a sense of spaciousness despite the small size, thanks to 17-foot ceilings and clerestory windows.

The project comprises two four-level structures close to public transportation and shopping. Based on city guidelines, preference is given to those who live and/or work in Santa Monica, he added, with maximum allowable annual income requirements set by the city range of $42,450 to $60,600. Shekhter says he hopes to take his small, affordable housing concept to other parts of the county.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.