LaTerra Development, a prolific builder of multifamily in multiple corners of Los Angeles County, will now try its hand at renovation.
Earlier this week, the Century City-based firm announced that it has acquired a 42-unit apartment complex at 1121 N. La Cienega Boulevard in West Hollywood for $29.2 million, with the intention of taking advantage of new state housing laws to add new apartments within the existing building envelope. The property, called Terraces at La Cienega, sits midway between the Sunset Strip and Santa Monica Boulevards.
“This is an ideal opportunity for LaTerra to apply our skills to create an updated living environment for tenants, and overall increased value for the city and our investors,” said LaTerra's chief executive Charles Tourtellotte in a statement. "We intend to enhance this unique building design with a thoughtful renovation plan that will bring the apartments to today’s modern convenience standards and, with the addition of 10 newly constructed apartment units, to provide more housing in this outstanding location.”
Urban Architecture Lab will lead the design efforts for the project, which will bring a new color scheme to the exterior of the early 1990s building. Existing interiors will be stripped away and updated with new materials and fixtures, while plans also call for adding a new rooftop deck, supplementing existing courtyards and common areas.
LaTerra's plan to add 10 apartments within the existing building has been enabled by statewide legislation intended to foster the construction of accessory dwelling units. Plans call for a mix of one- and two-bedroom units that will make use of excess parking in an existing garage below the building.
Existing tenants at Terraces, who occupy a mix of one-, two-, and three-bedroom units, would be allowed to relocate to newly renovated units - but at rents set to the current market rate.
Apartments renovations are expected to begin in early 2022 and continue over two years. Exterior renovations are scheduled to be completed within 12 months.
LaTerra is no stranger to West Hollywood, having broken ground earlier this year on a new mixed-use building that will include 71 apartments and ground-floor retail on Santa Monica Boulevard.
- West Hollywood (Urbanize LA)