LOS ANGELES, Nov. 11, 2019 /PRNewswire/ -- Harbor Group International, LLC (HGI), a privately-owned international real estate investment and management firm, today announced the funding of a preferred equity investment of $24.25 million in Silicon Beach Live Apartments, a Class A, fully amenitized, mid-rise multifamily development project in West Los Angeles. The project is set to begin construction late in the fourth quarter and upon completion, the development will consist of a five-story, 176-unit multifamily community. The developer of Silicon Beach Live Apartments is Sandstone Properties, a Los Angeles-based real estate firm with a current portfolio of 33 properties primarily in Southern California.
This investment is the third California-based transaction for HGI in 2019. The firm closed on a preferred equity investment in a West Hollywood multifamily property in June and acquired a historic office building located in San Francisco's Northern Financial District through a joint venture in February. HGI opened an office in Los Angeles in June 2018 as the firm grows its activity on the West Coast.
Los Angeles' Lower Westside, comprised of Playa Vista, Westchester, Marina del Rey and Culver City, is one of the strongest submarkets in the city and has become a major hub of innovation in recent years. As several technology and media companies, including Google, Microsoft, Facebook, Amazon, Apple and Sony, expand to the area, they attract a well-paid and well-educated workforce to occupy the neighborhood.
"As we witness the ongoing expansion of many technology giants and industry elites to West Los Angeles, Playa Vista has become the epicenter of Silicon Beach, bringing jobs, new development and a highly educated workforce to live in this market," said Matt Jones, Director of Acquisitions of Harbor Group International. "We look forward to continued investments in the LA market and the West Coast overall as the region experiences strong economic development."
The Silicon Beach Live Apartments are conveniently located across from The Promenade's 250,000 square feet of outdoor shopping and entertainment, as well as the Howard Hughes Center's 1.3 million square feet of office space. Interstate 405 is nearby for easy access to Downtown and Greater Los Angeles.
"We're excited to bring a new luxury apartment complex to the community that will stand out architecturally and bring top-class amenities to its residents," said Eri Kroh, Founder and President of Sandstone. "This is a marquee project that will create a sense of identity and mark a major step towards the greater Silicon Beach area becoming an even more vibrant place to live and work."
Once completed, the Silicon Beach Live Apartments will have the most competitive and attractive amenity package in its competitive set, including an elevated pool with cabanas, a yoga room and game room. The pool and amenity deck will include a casual lounge room and an area for private dining use. The facility will also feature a 2,000 square foot gym that opens to the pool area. The apartments' state of the art, modern architecture will include 2.5 levels of above- and below-grade parking and nearly 200 stations for bicycle parking.
About Sandstone Properties and Harbor Group International
Sandstone Properties, Sandstone Properties is a Los Angeles-based real estate firm established over twenty years ago with local expertise in all aspects of property ownership and management in most all commercial asset categories. Sandstone currently owns over $650 million in commercial real estate in 33 properties primarily in Southern California. For additional information, please visit www.sandstoneproperties.com.
Harbor Group International, LLC, including its affiliates, is a private real estate and real estate related investment and management firm which controls a portfolio of worldwide assets valued at $9.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Baltimore, Los Angeles and Tel Aviv. The company's real estate holdings include 3.3 million square feet of commercial properties and 32,000 apartment units. For additional information, please visit www.harborgroupint.com.