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Two new adjacent apartment buildings on 5th Street in downtown Santa Monica are now 30 percent leased.
Courtesy Photo
Two new adjacent apartment buildings on 5th Street in downtown Santa Monica are now 30 percent leased.

News, Real Estate, Business, Santa Monica

Leasing Hits 30 Percent At Two New Downtown Santa Monica Apartment Buildings

Posted Jan. 31, 2013, 8:45 am

Mitch James / Mirror Contributor

The developer of two adjacent apartment buildings at 1420 and 1430 Fifth Street in downtown Santa Monica announced earlier this week its project is at 30 percent leased.

Jim Andersen, president of NMS Properties, the current developer, worked with Killefer Flammang Architects (KFA) -- the original architect -- to complete the two urban contemporary six-story buildings.

“Residents will be able to live, work, and play without ever needing to get into their cars,” said Andersen. “This is part of our vision for walkable destination apartments for lease in Santa Monica. Leading this kind of lifestyle will save residents thousands of dollars in car-related expenses and reduce their carbon footprint.”

The building exteriors of the two buildings utilize plaster, resin panels, and painted metal panels and are further distinguished by sloping, metal roofs, which also conceal mechanical equipment, according to KFA principal Barbara Flammang, whose firm has designed more than 8,000 units of multifamily housing..

Another design element of the $22 million project are the powder-coated custom blue tube steel trellises which march along the ground floor and are echoed at the fifth and sixth floor balconies.

Comprising 100 units, with one and two-bedroom floor plans ranging from 525-1395 square feet, the apartments include European-styled cabinetry and stainless steel kitchen appliances and personal security systems.

Full-lot 10-foot wide courtyards, which provide lounging areas for residents along the sides of the buildings, are paved with varying shades of tile accompanied by colorful tiled planters and water features, the architect added.

Parking is provided on three subterranean levels, and in three years, residents will have the option of a Metro station just three blocks from the project.

Rental prices start at $2,695 for one-bedroom units, and $3,795 for two-bedroom apartments, the developer said.

NMS owns and manages 2,000 multifamily luxury and affordable housing units throughout the metropolitan Los Angeles area.

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Jan. 31, 2013, 9:59:47 am

Erik said...

NMS is a joke. The type of green tenants they are looking for have better things to spend their money on than water features and powder coated trellises. I live on 9th and pay 1/4 of the cost of what NMS would like me to pay for living 5 blocks closer to downtown. I ride a skateboard or my bike to work and as much as I would enjoy the comforts of a brand new apartment complex, I find the cost ridiculous and the way NMS is attempting to hide their greed with fake sincerity in their "vision...of Santa Monica" is enraging. Get bent, NMS. You're not contributing to the greener side of Santa Monica living. You're just pretending to care so you can pad your bank accounts.

Jan. 31, 2013, 10:10:26 am

Cindy said...

Really? The rent is ridiculous. I am so unsure the tenants in these buildings will not be walking nor riding the Metro. What a joke. "Walkable destination apartments...."

Jan. 31, 2013, 10:28:41 am

Macho said...

chicken cube apartments aimed at single dudes or sharing. no sense of community. this will add to traffic congestion as nobody gives a crap about carbon foodprint (another hoax). those apt complex are a doing a favor to the pockets of the developers and corrupt city leaders

Jan. 31, 2013, 1:56:42 pm

L. McCann said...

Horrible looking! This is a mess!

Jan. 31, 2013, 3:24:35 pm

Tim said...

You might be interested to know just how much money NMS gave to super pacs for the Santa Monica city council race. They put their guys into the council then ram more development down our throats. Santa Monica = the Manhattan of the west coast.

Feb. 1, 2013, 9:14:02 am

Erik said...

To be fair, let's hear from the NMS supporters.... *tumbleweed rolls by* I wish these clowns would stop putting in these stupid looking apartments and actually contribute back to the community. But they don't care about the people, just the people with deep pockets who want to be isolated from the residents by placing them 100 ft above the city.

Feb. 1, 2013, 9:20:41 pm

TCH said...

I have no relationship with NMS but these buildings seem to me to fulfill a need for more housing in Santa Monica and these will help keep the downtown vibrant.

Feb. 1, 2013, 11:35:04 pm

THC said...

"I have no relationship with NMS" Yeah and you think Bank of America and Exxon are out for the good of the people, right? NMS is just another corporate entity bent on making as much money as they can no matter what harm. Can't say I blame them but let's just be honest about it. I smell a troll.

Feb. 2, 2013, 9:18:39 pm

David said...

This is why I had to move out of SM. These non sense rental prices are giving excuse to landlords old one to shove rent increase just because some f face in SM $2000+ for some crap ass "studio"

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