Marks the Second of a Three-Phased Development Program at 2.6-Acre Site
LOS ANGELES–(BUSINESS WIRE)–CIM Group today announced construction completion of Elevate, a four-story 147-unit apartment and retail building located at 1515 S. Granville Avenue in West Los Angeles. Elevate brings new residences to this prominent location on Santa Monica Boulevard, one of the region’s major east-west transportation corridors, between S. Westgate Avenue and Granville Avenue.
The building features a modern architectural design with modulated roof heights and façade features. Apartments range from studios, one- and two-bedroom floorplans to three live/work spaces. Residents will enjoy multiple indoor and outdoor gathering areas including a clubhouse and game room, pool deck, outdoor terraces and lounge as well as a gym and co-working space. Community-serving retail including a newly-opened Target, a Healthy Spot pet store, and an AKT Fitness studio occupy a significant portion of the approximately 42,000-square-foot ground floor space. Subterranean parking serves the residents and retailers.
Elevate is the second completed phase of a multi-phased development program for the 2.6-acre property of former auto dealerships fronting Santa Monica Boulevard and three adjacent residential parcels, which upon completion of the third phase, will bring a total of 338 apartment units, 32 of which are designated affordable, and a total of approximately 58,300 square feet of retail space having approximately 300 lineal feet fronting Santa Monica Boulevard.
An earlier phase of the development brought three smaller, four-story buildings, for a total of 37 apartment homes on parcels to the south of the two properties fronting Santa Monica Boulevard. These contemporary buildings offer one-, two- and three-bedroom residences, and feature a landscaped courtyard and a rooftop lounge with a fireplace and sundeck. The first phase was completed in 2017 and the buildings are fully leased.
CIM is underway on the construction of the third and final phase of the development, the adjacent 154-unit, five-story apartment building and approximately 16,600 square feet of ground floor retail at 1500 S. Granville Avenue. The building is anticipated to be complete by the end of 2020.
For 25 years, CIM Group has utilized its broad expertise of owning, developing, repositioning, and operating real estate assets to transform communities and create dynamic environments throughout Los Angeles. Now it brings its proven experience to enhance communities throughout the Americas.
For information about leasing an apartment at Elevate, please visit: https://www.elevatewestla.com/ or call 310.627.4559. The on-site leasing office is open daily between 9:00 a.m. and 7:00 p.m., with no appointment needed.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.