Land Advisors Organization, a real estate firm specializing in residential land development projects since 1987, has announced the sale of Seabluff Condominiums, a 75 unit “permit-ready” project located in West LA’s Playa Vista, CA.
The project is located in Phase 1 of the Playa Vista master plan and is the last for-sale attached development parcel available in the entire community.
Terms were not disclosed. Land Advisors exclusively represented Playa Capital Company, LLC, a subsidiary of Brookfield Residential Properties, Inc., in the sale to Sea Bluffs – Playa Vista, L.P., a joint venture between Hearthstone and The New Home Company. The Land Advisors’ team representing the seller was comprised of Tim Barden, Richard Byrd, and Chris Gomez-Ortigoza.
Playa Vista and the surrounding area owe its moniker “Silicon Beach” to the burgeoning tech and start-up scene, with major players like Google, Yahoo, Facebook, Sony and IMAX all establishing a major presence in the area over the past several years. The robust employment growth and the substantial amount of future new creative office space still under development were key components to making the project attractive to buyers.
“The Playa Vista sub-market is unique in that it is reaching full build-out of its residential assets, while the office side still has room to grow. This should create a supply/demand imbalance that will positively impact the Seabluff project when it comes online in 2018,” said Tim Barden, senior vp at Land Advisors. “In addition, the project benefits from the built-in lifestyle at Playa Vista, which is complemented by its proximity to the beach, making it one of the most unique and attractive places to live in Los Angeles.”
Playa Vista offers a walkable lifestyle attracting millennials, growing families and move down- buyers alike. The Seabluff project is located steps away from The Shops at Concert Park and minutes from the newly completed “Runway” mixed-use development, featuring a variety of hip retailers, restaurants, and entertainment. Future residents also have access to The Resort, a state-of-the-art, newly completed 25,000 square foot community center complete with a 10,000 square foot fitness center, resort style pools/spas, and community gathering spaces. For trips to the beach and the creative office campus, a free daily shuttle makes Playa Vista a true car-free living experience.