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8/26/15
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Lincoln Property Company and Phoenix Property Company have finalized construction of the first of four residential properties in the new Runway development, situated 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.
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