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3/03/22
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A joint venture between Cityview and Stockbridge purchased Millennium Gardena, a fully entitled development site slated for 262 multifamily units in Hawthorne. The property, located at 12850 Crenshaw Blvd, was sold by The Dinerstein Companies.
The sustainability-focused multifamily building planned for the site will be called South Bay X, and will feature a combination of studio, one- and two-bedroom units ranging from 510 sf to 1.2k sf. It is expected to break ground during the fourth quarter of 2022 with a targeted delivery in early 2025.
Sustainable features planned for the building include LEED Silver certification, high-performing lighting, enhanced indoor air quality, and a renewable-energy-powered solar thermal water heating system. Building amenities will include a state-of-the-art fitness center, resort-style pool, spa, lanai, outdoor strength area, barbeques and open-air courtyards.
Millennium Gardena’s location in the fast-growing South Bay neighborhood offers convenient access to the area’s diverse mix of technology, aerospace and ecommerce employers including Tesla, SpaceX and Ring directly adjacent to the property. The site is less than one mile from Interstate 105, and just three miles from Interstates 405 and 110. The transit-oriented location is two blocks from the LA Metro Green Line and less than five miles from Los Angeles International Airport (LAX).
“Major global tech, aerospace, automotive and ecommerce corporations are relocating to this South Bay community, making it a perfect time for Cityview and Stockbridge to execute on our shared vision for bringing new jobs and building much needed, quality market-rate workforce housing to this undersupplied market,” said Cityview CEO Sean Burton.
Chris Benton, Anthony Muhlstein, Kevin Shannon and Ken White with Newmark represented the seller in the transaction.
U.S. multifamily investment sales volume reached an unprecedented $148.9 bil during the fourth quarter of 2021, according to Newmark Research. Annual sales volume rose to a record high of $335.3 bil, an increase of 128.2% year-over-year. Investment as a percentage of the overall US commercial real estate market rose to 41.5% in 2021, the highest allocation to multifamily on record. Absorption surged to 673,478 units in 2021, far outpacing the new supply of 358,734 units. Strong demand over the trailing 12 months in Los Angeles, New York and Washington, D.C. is an encouraging sign of momentum in large, supply-constrained markets.
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