New Residents Rush To Fill First Apartments At Runway Playa Vista; Leasing Activity Far Exceeds Expectations
Playa Vista continues to thrive as a desirable lifestyle-driven neighborhood in LA
PLAYA VISTA, Calif., Aug. 24, 2015 /PRNewswire/ -- Just six weeks after opening its doors, the first new apartment building at Runway Playa Vista is nearly two-thirds leased. The 100-unit building is the first of four residential communities to open in the Runway mixed-use complex – the downtown of Playa Vista anchored by Whole Foods Market, Cinemark Theatres, CVS, and a wide array of new restaurants and other retailers.
The buzz generated by Playa Vista's first new apartment community since 2008 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, taking advantage of the new parks and retail areas now coming to life to complete the Playa Vista community vision.
Robust interest in the Runway apartment community speaks volumes about the burgeoning market for housing in one of the Westside's most exciting neighborhoods. Besides being located in the heart of Playa Vista, Runway is within walking distance of the Silicon Beach commercial hub, which includes many of the world's leading technology and entertainment companies including Facebook, Google and IMAX.
"New residents are being drawn to Runway because of the community's prime location and the unique Playa Vista lifestyle," said Paul Chambers, General Manager at Runway. "We are proud to be the first apartment community to open in this part of Playa Vista, and we couldn't be happier with the enthusiastic response we're receiving. It's incredible."
The Runway apartment community is composed of four apartment buildings, totaling 420 units. The other three buildings are in the final stages of construction and expected to open later this year.
Located adjacent to the tranquil Ballona Wetlands and less than a mile from the beach, Runway Playa Vista offers a premier urban beach living experience for sustainability-minded individuals. Residents can choose the apartment type that best suits their lifestyle – from studios and lofts to 2-bedroom units, all featuring top-of-the-line fixtures and finishes.
The apartment community features a myriad of amenities, including a clubhouse lounge with a kitchen, a game area, two state-of-the-art fitness centers, a private yoga studio, and a resort-style pool with a cabana area equipped with a fireplace and DJ station for poolside parties. Residents of Runway also enjoy convenient access to a wide variety of on-site retailers. In addition to Whole Foods, CVS and Cinemark, the retailer lineup includes daily conveniences like Starbucks, Chase and Wells Fargo, and restaurants such as Hopdoddy Burger Bar, Lyfe Kitchen, 800 Degrees and N'ice Cream.
One of the most desirable features of the Runway community is the all-inclusive access to The Resort—Playa Vista's premier residents-only club. Runway residents can mingle with their neighbors in the approximately 25,000-square foot social destination, which offers amenities such as complimentary group fitness classes, outdoor fireplace patio, multiple swimming pools and spas, poolside cabanas and a world-class catering kitchen for gourmet parties and community cooking classes.
"The immense interest in the new residences at Runway is indicative of the growing appetite for livable urban communities on LA's Westside," Chambers said. "Playa Vista has so many of the attributes that residents are seeking, including a cool coastal environment, central location to so many great areas of Los Angeles and adjacency to the burgeoning Silicon Beach district."
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 the second largest apartment manager in the United States. 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.
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SOURCE Lincoln Property Company
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