Related Companies, the nation's premiere privately-held real estate firm continues to set sales records.
SANTA MONICA (OCTOBER 15, 2014)- Recent sales of The Waverly penthouses that exceed $2,035 per square foot have set a new record high benchmark for the Santa Monica condominium market, where sales have not surpassed $2,000 per square foot for the past year on coveted Ocean Avenue. The Waverly, developed by the Related Companies, which has consistently set record sales prices both in LA and across the nation, has successfully sold out The Waverly penthouse collection of four world-class luxury residences, offering designer finishes in the residences, and unparalleled level of service and highly sought after ocean and park views. The Waverly has achieved the 50% sales mark across the entire building.
The Waverly is home to the first new-construction luxury residential development on famed Ocean Avenue in over two decades, now known as Ocean Avenue South. Ocean Avenue South has essentially created a new neighborhood in a previously quiet, untapped corridor of Santa Monica, connecting Main Street to 3rd Street. The development is injecting new life and vitality by introducing 158 luxury residential condominiums, upscale retail and restaurants including Starbucks and famed LA hot-spot Joan’s on Third slated to open in early 2015. The property offers public walkways and plazas providing access between Main Street and Ocean Avenue to the Santa Monica shore, creating a vibrant outdoor community experience for visitors and residents alike. The Waverly features 8,950 square feet of retail space that will extend the shopping and dining experience. The building’s Skybridge features a public art installation by Catherine Wagner titled “Wave Echo” that is activated by the movements of visitors and the tidal patterns as measured by research buoys in the Santa Monica Bay offering both a striking architectural feature and an interactive experience that adds to the ambiance.
The community is bordered by the newly opened $47 million 6-acre Tongva Park created by the designers of New York City’s High Line. Ocean Avenue South commands a 3.7-acre site between Colorado Avenue and Pico Boulevard, bordered on the south by the chic boutique hotel, Viceroy Santa Monica, where Waverly residents receive special preferred benefits. The property is a haven in the heart of Santa Monica: just one block to the beach, in close proximity to the iconic Santa Monica Pier and fine dining options along Ocean Avenue and within walking distance to the anticipated metro stop on the 15.2 mile Expo Line linking to downtown LA. The Waverly delivers LEED-certified, modern elegance with striking architecture by Moore Ruble Yudell Architects & Planners and interior design by internationally-acclaimed designers Marmol Radziner and Associates. The Waverly’s 65 residences epitomize urban beach living, with sophisticated open spaces accented by panoramic park, ocean and mountain views and thoughtfully-designed finishes that include imperial white marble, cappuccino travertine and bleached oak flooring. The private Skybridge Lounge offers residents a luxurious space for social gatherings with panoramic vistas. The wide array of resident amenities also includes a state-of-the-art fitness center, attended lobby, pet spa and onsite subterranean parking. The residences at The Waverly range from $995,000 to over $7 million. The Waverly is located at 1705 Ocean Avenue.
Related Companies has a reputation developing properties heralded for world-class locations and for setting record prices in numerous markets including Los Angeles (The Century), Manhattan (Time Warner Center, One Central Park, The Residences at the Mandarin Oriental, One MiMA Tower, and Superior Ink, The Harrison), and Boston (The Clarendon).
About Related California
Related California, the West Coast affiliate of Related Companies, is a fully integrated real estate firm that develops multifamily residential and mixed-use properties in California.
Since 1989, Related California has undertaken a range of transformational developments from best-in-class luxury high rise residential properties to the redevelopment of obsolete public housing, spanning a broad spectrum of urban infill, affordable, mixed-income and market rate multifamily developments. The company has completed more than 9,800 residences and has a track record of consistently developing communities that represent industry benchmarks in design, construction, sustainability and property management.
Related California has a long history of community partnership, having collaborated with more than 20 municipalities and over 25 non-profit organizations throughout California. Related California has successfully developed and managed a broad range of property types throughout Alameda, Contra Costa, Los Angeles, Orange, Sacramento, San Bernardino, San Diego, San Francisco and Santa Clara counties. The Related California portfolio includes more than $2.5 billion worth of developments. For more information about Related California, visit www.relatedcalifornia.com.
About Related Companies
Related Companies is the most prominent privately-owned real estate firm in the United States. Formed 40 years ago, Related is a fully-integrated, highly diversified industry leader with experience in virtually every aspect of development, acquisitions, management, finance, marketing and sales. Headquartered in New York City, Related has offices and major developments in Boston, Chicago, Los Angeles, San Francisco, South Florida, Abu Dhabi, Sao Paulo and Shanghai and an existing portfolio of real estate assets, valued at over $15 billion, made up of best-in-class mixed-use, residential, retail, office and affordable properties. Related has developed preeminent mixed-use projects such as Time Warner Center in New York and CityPlace in West Palm Beach and is currently developing the 28-acre Hudson Yards project on Manhattan’s West Side. Related also manages approximately $3 billion of equity capital on behalf of sovereign wealth funds, public pension plans, multi-managers, endowments, Taft Hartley plans and family offices.
Related is staunchly committed to sustainable design with over $10 billion in green development underway or completed. Related also owns Equinox(R) Fitness Clubs, further expanding the company's capabilities into the health and fitness arena and enhancing the value of its properties by incorporating an exclusive, branded amenity into the lifestyle offering, and a partnership interest in Union Square Events, the catering, culture, sports, and events business of Danny Meyer’s Union Square Hospitality Group. For more information about Related Companies please visit www.related.com.