SUNSET + VINE - 300 UNIT MULTIFAMILY MIXED USE - HOLLYWOOD, CA
Sunset + Vine Apartments opened in 2003 as the first new multifamily development at the beginning of Hollywood's renaissance. The property included 2 large anchor retailers (Border's Books and Bed, Bath & Beyond) along with several smaller regional restaurants and retailers. Amenities like pool and sundeck, outdoor chess, billiards room, fitness center and breathtaking Hollywood Hills views made the property's aesthetic appeal second to none.
Following the successful lease up, the property sold in 2005.
LITTLE HOLMBY SFR - WESTWOOD VILLAGE - LA, CA
CENTRAL STORAGE - 220 UNIT STORAGE FACILITY - GLENDALE, CA
Central Storage is located adjacent to the Glendale Galleria and Americana at Brand shopping centers. The project was acquired as an undermanaged asset in default and was returned to profitability within a year of taking management in 2008. It is currently in the process of being entitled for use as multifamily.
WATER TERRACE - 450 UNIT MULTIFAMILY - MARINA DEL REY, CA
The Water Terrace (now Azzura Del Rey Condominiums) was a luxury apartment building situated adjacent to the world's largest man-made small craft harbor. The marina boasts eight basins having a capacity for 5,300 boats and is home port to approximately 6,500 boats. The harbor, the Los Angeles Times said in 1997, is "perhaps the county's most valuable resource".
The subject property began as new construction in 2002, and was subsequently leased up over the next year and a half. The property's amenities included a rooftop spa and viewing deck, indoor/outdoor fitness center, screening room, pool and lounge deck and easy access to LAX, as well as all that bustling Marina Del Rey and neighboring Venice have to offer.
Following the successful lease up, the property was sold to Colony Capital, who began the condominium conversion shortly thereafter.
Throughout our collective experience, the team at Tuskin Properties has been involved in many different projects. Here are a few of note:
GARMENT LOFTS - 77 UNIT MULTIFAMILY MIXED USE - DOWNTOWN LA, CA
Garment Lofts was an adaptive reuse development with approximately 5,200 square feet of ground level retail space located in the Fashion District of Downtown Los Angeles. With pre-leasing beginning in mid-2015, the project was the first new residential development to open in that submarket in more than a decade (Essex's Santee Court being the most recent).
The project included a rooftop barbecue and spa, a fitness center, bike storage room, and incredible historical accents. The property, however, faced significant challenges related to location, as it was situated off of the main thoroughfares, and therefore did not benefit from drive by traffic. Additionally, due to the historic status of the building, signage was strictly regulated, and not sufficient to provide adequate advertising for leasing. Finally, and perhaps most challenging, the property did not provide any onsite parking for residents or patrons. Members of the Tuskin team viewed these detractors as opportunities to sell a lifestyle that was less chaotic, congested, and loud, yet still conveniently located within the bustling Downtown scene. The result was a well calculated lease up which stabilized within 6 months; two months ahead of what had been aggressively underwritten.
To read news coverage featuring Tuskin Principal Matt Tucker
Experience
DOMAIN BY ALTA - 264 UNIT MULTIFAMILY - OAKLAND, CA
Domain by Alta began as a condominium project in the heart of Downtown Oakland. The original developers completed approximately 70% of the construction and lost the building to foreclosure in the midst of the financial crisis. The project sat, covered in plastic, for nearly 2 years before being purchased out of receivership and reinvented as luxury apartment rentals.
Despite taking place in the middle of "Occupy Oakland" in 2010, the lease up took only 9 months, achieving rents far above budgeted projections and outperforming everything else in the market. The property included amenities such as yoga room, outdoor living rooms, art gallery, bike repair shop, espresso lounge, and fitness center.
The project sold shortly after achieving stabilization.
This charming single family residence in Westwood's coveted Little Holmby, just blocks from the famed Holmby Hills, UCLA and the Wilshire Corridor was purchased as an investment in early 2008. The property produced strong and steady income as a rental until it was sold in 2013.
"Nothing is a waste of time if you use the experience wisely." -Auguste Rodin
TENTEN WILSHIRE - 227 UNIT CORPORATE SUITES - DOWNTOWN LA, CA
Formerly the SBC tower at the corner of Wilshire Blvd. and the 110 Freeway, Tenten Wilshire began as an adaptive reuse condominium project in 2007. While still under construction, the ownership decided that the market had become too soft and the submarket too saturated to support a project of this magnitude. Members of the Tuskin team were brought in to assess the property and make recommendations on how to revive the project. The result was a well-researched business plan and the decision to re-imagine the building as a fully-furnished, high end corporate housing development. Special focus was placed upon attracting business travelers to the city, and so property features and programming were applied to achieve this. The building boasts an award winning rooftop which includes a pool, fitness center, screening room, bar, foosball/billiard tables, seating areas, and regularly hosts fashion shows, industry wrap parties, and other social events. It is consistently voted one of DTLA's best places to see and be seen.
The lease up of the property took less than a year, and the project concept has been duplicated in Oceanside, CA to great success.
To read news coverage featuring Tuskin Principal Matt Tucker
CREEKSIDE GLEN - 143 UNIT MULTIFAMILY - WALNUT CREEK, CA
Creekside Glen began as an undermanaged repositioning project in 2009. The asset suffered from low occupancy, depressed rents, and a poor local reputation. Through renovation, effective management, proper rent management and good old fashioned customer service, the property saw stabilized occupancy of 97%, as well as increased net operating income of 21% in less than 2 years.
Following the reposition, the property was sold and continues its impressive profitability.
METRO 417 - 277 UNIT MULTIFAMILY - DOWNTOWN LA, CA
An adaptive reuse project in Downtown Los Angeles, opening in 2005, Metro 417 was one of the first new residential buildings to come to market in 10 years. The property formerly housed the operations of the Los Angeles Subway system until it was ultimately shuttered. Upon reopening, it included a fitness center, rooftop spa, screening room, and unparalleled views of the downtown skyline. The lease up took 18 months, and set the precedent for other, similar developments opening in the area.
Since opening, Downtown Los Angeles has experienced a huge renaissance, with billions in investment occurring over the last decade. Metro 417 continues to lead the market in rental rates and occupancy to the present, and remains one of the crown jewels of Los Angeles.