In an effort to attract wealthy individuals who do not want to commit to purchasing a luxury home, a growing number of developers are focusing on building apartments with high-end amenities and features. Referred to as hotel-like apartments, these residences offer the same amenities that might be found at luxury hotels.
Century City Apartment
The Miami-based Crescent Heights company is developing a 40-story luxury apartment tower that will serve as the gateway to Century City and Beverly Hills. Scheduled to open this August, the 238-unit apartment will feature granite counter tops, a spa, an indoor lap pool with an underwater speaker system and a private theater. It will also feature luxury services such as 24-hour concierge services, butler services, an on-site personal trainer and on-call personal drivers in luxury cars. In all, the apartment building will have more than 50 full-time employees who are there with the sole purpose of meeting the needs of residents with services ranging from cleaning to delivering groceries. The developers are even looking into including a private lounge with a full bar for tenants to enjoy.
Situated at 10000 Santa Monica Boulevard, rental rates for the two- and three-bedroom units will start at $8,000 per month. Due to the location and the price of the units, most real estate experts predict the apartment development will mostly attract international travelers, athletes, celebrities and executives.
Following a Successful Lead
The concept of offering apartments with hotel amenities isn’t entirely new, but the idea picked up momentum after shopping center magnate Rick Caruso opened his hotel-like apartment in Los Angeles in 2012. Located at 8500 Burton Way near his Grove outdoor mall, the apartment offers a saltwater pool, a house car and driver and concierge service. The residence has become so popular that there is now a waiting list to get into the building, where rent starts at about $12,000 per month. A furnished penthouse in the building rents for $40,000 per month. According to Caruso, approximately half of his residents have a primary residence outside of Los Angeles, with many having their primary homes in other countries.
Offering an Alternative
For wealthy individuals who do not want to purchase a home, the new trend in luxury apartments offers an alternative to the several hotel-condo developments available in the area. Instead of buying or leasing a unit at popular sites such as the Ritz-Carlton Residences at L.A. Live of the Residences at W Hollywood, the ultra-wealthy can now explore other options.
After enjoying success with his development on Burton Way, Caruso is planning a similar project at la Cienega and San Vicente boulevards. While details on the project are not fully developed, Caruso plans to have the project open in 2018. Rents at the new development are expected to be about the same as the Burton Way development.
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(all data current as of 5/29/2017)
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