6055 Center Dr - Playa District Apartments

Cushman & Wakefield U.S., Inc. and Ackman Ziff, as exclusive advisors, are pleased to present an exceptional opportunity to provide
fresh equity via project recapitalization, or to acquire the fee simple interest in Playa District Apartments (the “Property” or the
“Project”), a to-be-built luxury residential tower in the highly coveted beach community of West Los Angeles. The Project, located a
6055 W Center Drive, is one of the only high-rise projects west of the 405 Freeway to have ever been approved for development in the
notoriously anti-development neighborhoods that surround the site. At a staggering 19-stories in height, Playa District Apartments
will tower over every building in its proximity, leading to sweeping views of the Pacific Ocean, Santa Monica Mountains, and cityscapes
of Century City and Westwood.
THE PROJECT OFFERS A DISTINCT COMPETITIVE ADVANTAGE OVER OTHER DEVELOPMENTS CURRENTLY SEEKING ENTITLEMENTS IN THE MARKET. IT BENEFITS FROM SIGNIFICANTLY REDUCED PERMIT FEES OF $8,000 PER UNIT, COMPARED TO $36,000 PER UNIT IF FILED TODAY. ADDITIONALLY, THE PROJECT INCLUDES A 4% WORKFORCE HOUSING REQUIREMENT AT 150% AREA MEDIAN INCOME (“AMI”) RENTS, WHICH IS MORE FAVORABLE THAN THE CURRENT REQUIREMENT OF 15% AFFORDABLE HOUSING AT 80% TO 100% AMI RENTS. THIS EQUATES TO AN APPROXIMATELY $12 MILLION DOLLARS IN COST SAVINGS AND A 10% BOOST IN NOI. The plans are Ready-to-Issue (“RTI”) and valid all the way until March of 2026. Furthermore, the opportunity to recapitalize an existing development program offers investors an attractive entry into a generational luxury development opportunity.
The Project is strategically located in a vibrant live/work/play environment, proximate to prominent technology and entertainment employers such as Google, Meta, Yahoo, Sony, Electronic Arts, IMAX, and YouTube. The neighboring communities of Playa Vista, Culver City, Venice, and Santa Monica provide unparalleled access to some of the top restaurants, shopping, and entertainment venues in all of Los Angeles. The West LA lifestyle is further enriched by its easy access to the Pacific Ocean’s pristine coastline, Santa Monica Mountains, and Kenneth Hahn Recreation Area. The area is characterized by high-income demographics and robust employment opportunities, leading to a consistent and growing demand for upscale housing options.