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3/11/20
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Trion Properties has completed its first ground-up development project -- a 28-unit, multifamily community in Culver City. The project, called 5012 Apartments, represents Trion’s expansion from value-add multifamily renovations into ground-up development and is the first property the firm has taken from unentitled to developed and stabilized.
The three-story, pet-friendly 5012 Apartments is located at 5012 Slauson Ave, five minutes from Downtown Culver City and within close proximity of the 405 Fwy and Sony Studios. The project features a mix of 15 one-bedroom and 13 two-bedroom units, including some with lofts.
5012 Apartments offers a host of interior and common area tech amenities including a high-level security system, Nest thermostats, Luxer One package locker services, a ButterflyMX smart video intercom system, and Sonos smart speakers. Additional unit amenities at the development include state-of-the-art appliances and flooring, stackable washers and dryers, central air conditioning, walk-in closets, cable TV, and modern finishes. Community amenities include a second-floor amenity deck, breakfast bar, courtyard equipped with furniture and planters, exterior hallways, and covered assigned parking.
Located five miles from the beach, Culver City is a region within Los Angeles noted for its strong media and entertainment presence. The market is quickly transitioning into a tech hub, with Sony, NFL Network, and Apple, among the employment giants taking space in the market. In addition, the $600 mil modernization and expansion of Culver Studios, to be occupied by Amazon Studios, is expected to transform downtown Culver City and attract more younger workers to the area.
“Tech employees have come to expect the same level of technology in their homes as they have at work,” says David Moghavem, Director of Acquisitions for Trion Properties. “5012 Apartments brings something totally new to the area that this demographic was demanding: high-end design plus next-level tech-focused amenities at an affordable price. Interest has been so great that we were able to prelease 13 units with a tentative certificate of occupancy.”
The property is now just under 50% leased ahead of its official grand opening, planned for March 15.
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