In a $22.3 million deal, a joint venture between Cityview and Stockbridge has acquired South Bay X, an entitled development opportunity for sustainable housing in Gardena, Calif. The seller was Dinerstein Cos.
The partners are planning to use the site for the construction of a 265-unit community. The new development is expected to break ground in the final quarter of 2022 and be complete in early 2025. During construction, the project is slated to create more than 1,000 jobs.
The community will feature a combination of studio, one- and two-bedroom units ranging from 510 to 1,197 square feet. The partnership aims to achieve LEED Silver certification for the property, which has been designed to achieve a 20 to 30 percent improved efficiency over similar non-green buildings. Amenities will include a fitness center, pool, spa, lanai and outdoor strength area. Barbecues and three open-air courtyards will also be available.
Located at 12850 Crenshaw Blvd., the property will be close to a variety of technology, aerospace and e-commerce employers, such as SpaceX, the Tesla Design Center and Ring. The community will be 1 mile south of Interstate 105. Downtown Los Angeles will be some 14 miles northeast, while SoFi Stadium will be some 4 miles north. Several dining, retail and entertainment options will be available within a 1-mile radius.
In November of last year, another Cityview joint venture acquired the 276-unit Empire Landing community in Burbank, Calif., for $161 million. The community is located in an area with approximately 10 million square feet of office space within a 10-mile radius.