Century West Partners of Los Angeles and Chicago will use $126 million in a bank construction loan, third-party capital and additional equity to help build the $280 million project Next on Lex at 201 W. Lexington Drive in Glendale.
Currently, the 2.79-acre parcel houses a vacant office building and parking garage in downtown near bus stops. Once built, the 444,000-square-foot luxury complex will include 494 units as a mix of studios and one-, two- and three-bedroom units. Parking for 706 vehicles will be underground. There will also be 8,100 square feet of retail on the ground level.
Construction has begun on the complex and is expected to finish by 2019, according to CBRE.
Brandon Smith, vice president with CBRE, said rentals in the market average about $3.30 a square foot a month.
“There has been a significant amount of new supply added over the past three years, but the market has absorbed those units with continued rent growth and limited concessions,” Smith said.
Individual units will have stainless steel appliances, vinyl-plank flooring, washers and dryers, in-wall USB outlets and Blue-tooth-enabled amplifiers with in-wall speakers. The complex will also feature bike lockers, onsite storage, a yoga studio, screening room, game room, indoor golf range, private massage room, fitness center, pool and hot tubs.
NEXT On LEX
NEXT On LEX is a mixed use multi-family development project located in Glendale, CA. Glendale is the third largest city in Los Angeles County and one of the “Tri-Cities” that are home to the world’s major motion picture studios. The city boasts a thriving downtown consisting of 6.7 million square feet of office space and 201 Lexington will be just steps from premier retail destinations including The Americana at Brand and The Glendale Galleria.
201 Lexington will include 6 upper floors containing 494 residential units, while the first floor will primarily house retail space, the residential lobby and some parking. Property amenities include bicycle lockers, onsite storage space, underground parking, business center, yoga studio, screening room, game room, indoor golf range, private massage room, party room and kitchen, fitness center, competition-sized pool and hot tubs, sky lounge, landscaped rooftop deck, landscaped courtyard and sun deck. The 8,140 square feet of retail space will be tenanted with a Citibank branch, along with retail tenants that will provide various additional amenities for residents. Luxury unit finishes include:
- Stainless steel appliances
- Plank flooring
- Quartz countertops
- Luxury bathrooms
- Washer/dryer in each unit
Distinctive features include:
- In-wall usb outlets
- High-speed internet
- Bluetooth® enabled amplifiers with in-wall speakers