PLAYA VISTA, Calif.--(BUSINESS WIRE)--Lincoln Property Company and Phoenix Property Company have finalized construction of the first of four residential properties in the new Runway development in the heart of the burgeoning Playa Vista community on the west side of Los Angeles. The first building, with 100 units, has achieved two-thirds occupancy only six weeks after opening. An additional 320 units in the remaining three buildings are expected to be ready for occupancy by year’s end. Leasing activity has far exceeded expectations, with a diverse resident base including young professionals, empty nesters and students from nearby Loyola Marymount University.
The 100-unit property is the first apartment building to open at Playa Vista since 2008, and the first to be completed and occupied in the new Runway downtown area of Playa Vista now under construction. The mixed-use Runway development is anchored by Whole Foods Market, CVS and Cinemark, and includes a wide variety of on-site retailers including daily conveniences like Starbucks, Chase and Wells Fargo, and restaurants such as Hopdoddy Burger Bar, Lyfe Kitchen, 800 Degrees and N’ice Cream. The area is within walking distance of the Silicon Beach commercial district at Playa Vista that now includes top technology and entertainment employers including Facebook, Google and IMAX.
The buzz generated by Runway’s first apartment property has been palpable. Prospective residents registered to receive online updates and participate in tours of the new development months ago. In July, the first pioneering residents moved in, experiencing the new parks and retail areas that are now coming to life to complete the Playa Vista community vision.
Robust interest in the apartment community speaks volumes about the growing market for housing in one of the Westside’s most exciting neighborhoods. Besides being located in the heart of Playa Vista and adjacent to the Silicon Beach commercial district, Runway is a short drive from the thriving Abbot Kinney corridor in Venice, Los Angeles International Airport, Santa Monica’s Third Street Promenade, and three major Los Angeles universities – UCLA, LMU and USC.
“We are thrilled with the public’s reception of the first multi-family building at Runway Playa Vista,” said David Binswanger, Senior Executive Vice President of Lincoln Property Company in California. “The leasing success reflects the market’s enthusiasm for these kinds of communities on the Westside—all-inclusive neighborhoods that foster collaboration and innovation by promoting a sustainable, walkable urban lifestyle.”
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Access www.lpc.com for more information.
About Phoenix Property Company (PPC)
Phoenix Property Company (PPC) was formed in 1994 to focus on specific multifamily development opportunities. Since its inception, PPC and the affiliated GrandMarc have developed residential and mixed-use communities with a construction cost of over $1 billion. These properties comprise over 6739 units and 240,835 sf of retail space. PPC develops in partnership with outside equity investors, many of which have chosen to invest in more than one project. Significant institutions such as AIG Global Real Estate, Behringer Harvard, Brookfield Real Estate Opportunity Fund and IBV Real Estate have chosen to invest in several PPC developments.
