LOS ANGELES, Sept. 14, 2023 (GLOBE NEWSWIRE) --
Cityview, a premier multifamily investment management and development firm, and
Stockbridge, a private equity real estate investment management firm, have commenced construction on Apollo, a 265-unit multifamily development in Los Angeles’ South Bay. Slated to complete in 2025, the LEED Silver, transit-oriented development is located in a high-growth area of the South Bay near major tech, automotive and aerospace employers, including SpaceX, the Tesla Design Center and Ring.
“Los Angeles’ South Bay is quickly becoming one of the most desirable areas in Southern California, and we are looking forward to working with Stockbridge to deliver much-needed residential offerings that will help support the area’s rapid population growth and revitalization,” said Sean Burton, CEO of Cityview. “Apollo will offer highly amenitized residences tailored to the surrounding community.”
Located at 12888 Crenshaw Boulevard, Apollo is within five miles of more than 260,000 jobs, two blocks from the Metro Green Line and close to Los Angeles International Airport (LAX), SoFi Stadium, extensive dining and entertainment offerings and some of Southern California’s most popular beaches.
Residents will have the option of studio, one-bedroom and two-bedroom floorplans that feature stainless steel appliances, quartz countertops, luxury vinyl plank flooring, smart thermostats, keyless entry and smart home systems. Turnkey fiber optic internet and Wi-Fi will create strong connectivity throughout the community.
Apollo’s comprehensive set of amenities will include a resort-style pool and spa deck featuring loungers, daybeds and sweeping views of the South Bay. For those who work remotely and need a space to collaborate, work and focus, a large CV Works coworking center will offer community workspace, private offices, a conference room and privacy booths for calls. Catering to the area’s engineering and aerospace demographic, a maker space will feature a podcast room, 3D printer and other technology-focused amenities.
A state-of-the-art indoor fitness center will be connected to the outdoor strength and stretching area with large folding doors, while an indoor-outdoor community room will feature a custom commercial grade kitchen for community-hosted cooking classes and private as well as semi-private events.
Three lush open-air courtyards will provide everything residents need to connect and unwind, including an entertainment lounge, a pool table, Korean BBQ grills, fire pits, lounge seating, gathering tables and a variety of dining areas.
Apollo will feature a retro futuristic design aesthetic that is inspired by a mix of nostalgic coastal style, laid-back Los Angeles living and bold ideas for a better future. The largest digital display in the South Bay, a joint public/private partnership with the city, will deliver a mix of advertising and community programming to the neighborhood.
The transit-oriented project will feature ample secure bike lockers and storage, as well as a transit kiosk that facilitates the usage of public transportation by providing information for residents and the surrounding community about the rail and bus schedule. A walk and bike path located directly behind the community further facilitates an easy commute for residents.
Planned to achieve LEED Silver and FitWel certification, Apollo will be 20-30% more efficient than similar non-green buildings, which will reduce building operating expenses and utility costs for tenants. Its host of sustainable features will include high efficiency windows and HVAC, Energy Star certified appliances, a solar thermal water system that relies on renewable energy, ultra-efficient low flow water fixtures and enhanced indoor air quality.
Construction financing for the project was provided by two long-term lenders of Cityview, City National Bank and Banc of California. Cityview and Stockbridge are partnering with WPIC Construction, AC Martin, Nadia Geller Designs and MJS Landscape Architecture on the project, which is expected to create more than 1,000 jobs.
In addition to Apollo, Cityview’s other LA-based developments include The Parker, a 123-unit multifamily development in the heart of Los Angeles, and Belle on Bev, a 243-unit multifamily project in Los Angeles’ Historic Filipinotown (HiFi), both slated to deliver this year. The firm also recently completed Jasper, a 296-unit opportunity zone project located near Downtown Los Angeles.
About Cityview
Founded in 2003,
Cityview is a vertically integrated real estate investment management and development firm focused on multifamily housing in gateway markets in the Western U.S. Specializing in developing, acquiring, and operating opportunistic and value-add multifamily projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview has invested in more than 130 projects to date. For more information, visit
cityview.com.
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.7 billion of assets under management (as of December 31, 2022) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit
www.stockbridge.com
Media Contact:
Jade Terry
Senior Communications Manager, Cityview
jterry@cityview.com
512-415-6923
