CMCT Transforms Office Space into Upscale Residences
CMCT (NASDAQ: CMCT) has proudly announced the successful transformation of the top two floors of a three-story, approximately 143,000-square-foot office building into 68 high-end apartment residences. This exciting project is situated in a lively area of Los Angeles, contributing to the revitalization of the Brookside neighborhood as part of the Park Mile Specific Plan.
Upscale Living Over Dynamic Office Spaces
In this conversion, around 30,000 square feet of office space on the ground floor is retained and fully leased as of September 2024. This innovative layout creates a mixed-use environment that artfully combines residential and office areas. The office space will keep the 4750 Wilshire Blvd. address, while the new apartments will be situated at 701 S. Hudson Ave.
Spacious, Modern Apartments
The apartments at 701 Hudson provide a variety of layouts, including studio, one-bedroom, and two-bedroom options, many of which come with a den that can easily serve as a home office. These residences are designed with impressive 10-foot ceilings and large windows that flood the spaces with natural light, creating a cozy and inviting atmosphere. Modern features such as stone countertops, wood flooring, and sleek cabinetry complement the in-unit washers and dryers.
Outstanding Amenities for Residents
Future residents will have access to a range of exceptional amenities focused on comfort and convenience. These include a resort-style pool, a beautifully landscaped courtyard with picnic areas, and a resident lounge that boasts a movie room and game tables. Families will appreciate the children’s facilities, while a fitness center, yoga rooms, and a co-working space offering both collaborative worktables and private offices round out the offerings.
Convenient Location with Great Connectivity
These apartments are conveniently located just a mile from the La Brea station of the upcoming D Line subway, significantly improving accessibility between downtown Los Angeles and the Westside. Residents will find it easy to reach major business areas such as Downtown Los Angeles, Century City, Beverly Hills, and Hollywood. Additionally, the vicinity is close to popular retail and dining destinations, including Koreatown, Larchmont Village, the La Brea corridor, and The Grove, making it an attractive place to live.
CMCT’s Dedication to Quality Residential Developments
This conversion reflects CMCT’s commitment to investing in high-quality apartments and creative office spaces in markets with significant entry barriers. The company employs a property-level equity investment strategy in conjunction with co-investors, reinforcing its goal of achieving long-term value in real estate. Notable co-investors in this project include Kanden Realty & Development, Taisei Corporation, and another institutional partner.
About CMCT
Creative Media & Community Trust Corporation (CMCT) functions as a real estate investment trust dedicated to owning, operating, and developing exceptional multifamily and creative office properties across the United States. The company has established itself as a leader in the creative office field, catering to rapidly changing industries such as technology, media, and entertainment. Additionally, CMCT benefits from the expertise of CIM Group, L.P., which provides extensive insight into asset management, development, and operations.
Frequently Asked Questions
Where are the newly converted apartments located?
The luxury apartments are located at 701 S. Hudson Ave, while the office space keeps the address 4750 Wilshire Blvd.
What types of floor plans do the apartments offer?
The apartments feature a range of layouts, including studio, one-bedroom, and two-bedroom options. A few even include a den for added versatility.
What amenities will residents have access to?
Residents can look forward to amenities like a resort-style pool, a fitness center, a kids' playroom, and a co-working space, among others.
How does CMCT implement its investment strategies?
CMCT implements a property-level equity investment strategy and collaborates with co-investors to maximize the value of its developments.
Who manages CMCT?
CMCT is operated by affiliates of CIM Group, L.P., which has substantial experience in asset ownership and operations across various real estate sectors.
