LOS ANGELES, Feb. 07, 2022 (GLOBE NEWSWIRE) -- Cityview, a vertically-integrated multifamily investment management and development firm, and Stockbridge today announced the joint acquisition of South Bay X, a fully entitled development opportunity for sustainable multifamily housing in Gardena, CA. South Bay X will feature 265 units with a combination of studio, one- and two-bedroom apartments ranging from 510 to 1,197 square feet. Situated in the rapidly transforming South Bay neighborhood, the community attracts a diverse array of professionals drawn to the area by prominent employers including SpaceX, the Tesla Design Center and Ring, directly adjacent to the property.
“Major global tech, aerospace, automotive and ecommerce corporations are relocating to this South Bay community, making it a perfect time for Cityview and Stockbridge to execute on our shared vision for bringing new jobs and building much needed, quality market-rate workforce housing to this undersupplied market,” said Sean Burton, CEO, Cityview. “We are both eager to be part of the revitalization efforts taking place in this region and provide increased sustainable living options to our residents.”
Cityview and Stockbridge are planning to achieve LEED Silver certification, designing the Class A property to realize 20-30% improved efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and roofing, and a solar thermal water heating system that relies on renewable energy. The structure will be designed to maximize indoor fresh air and minimize exposure to airborne toxins and pollutants, making it a healthy and more comfortable environment. Tenants will also enjoy high-efficiency windows and ultra-efficient low flow water fixtures.
South Bay X will also feature premier interior finishes, a state-of-the-art fitness center, and expansive outdoor amenities including a resort-style pool, spa, lanai, outdoor strength area, BBQs and three separate open-air courtyards with lush landscaping.
“We are looking forward to working with Cityview on this development to bring new jobs and much needed housing to this growing neighborhood,” said Ross Thompson, vice president, Acquisitions at Stockbridge. “Cityview’s holistic approach to building, deep knowledge of multifamily development and the surrounding community are what attracted us to this partnership, and we are optimistic about the long-term success and impact the project will have within the South Bay area.”
Located at 12850 Crenshaw Boulevard, the transit-oriented development is surrounded by a diverse mix of technology, aerospace and ecommerce employers. South Bay X offers convenient access to Interstate 105, is two blocks from the LA Metro Green Line and less than five miles from Los Angeles International Airport (LAX). Residents will also have easy access to a variety of local attractions including SoFi Stadium, beaches, and retail and dining venues.
South Bay X is anticipated to break ground in the fourth quarter of 2022 with targeted completion in early 2025. The project is expected to create upwards of 1,000 jobs during its development.
About Cityview
Founded in 2003, Cityview is a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in high-growth markets in the Western US. Specializing in developing, acquiring, and operating value-add multifamily and mixed-use projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview investments have generated nearly $5 billion in urban investment across more than 120 projects to date. For more information, visit cityview.com.
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge and its affiliates have approximately $24.9 billion of assets under management (as of September 30, 2021) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com.
Media Contact:
Marisa Valbona
Idea Hall
(619) 708-7990
MarisaV@ideahall.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/14e985aa-fb28-4714-8231-92dacf89aa89
