Last Phase of Playa Vista Community Acquired, Opening in 2020
(Irvine, CA – October 28, 2019) Land Advisors Organization is pleased to announce the sale of Encore at Playa Vista, 14 single family lots located in West LA’s Playa Vista, CA. The project was delivered to the buyer, Taylor Morrison, in a nearly finished condition with building permits in hand.
The project is located in Phase 1 of the Playa Vista master plan and is the last for-sale development parcel to be delivered in the remarkable development history of the area. Playa Vista and the surrounding area owe its moniker “Silicon Beach” to the burgeoning tech and start-up scene, with major players like Google, Yahoo, Facebook, Sony and IMAX all establishing a major presence in the area over the past several years. The robust employment growth and the substantial amount of future new creative office space still under development were key components to making the project attractive to buyers.
“The Playa Vista sub-market is unique in that it is reaching full build-out of its residential assets, while the office side still has room to grow. This should create a supply/demand imbalance that will positively impact the Encore project when it delivers homes in 2020,” said Tim Barden, Senior VP at Land Advisors. “In addition, the project benefits from the built-in lifestyle at Playa Vista, which is complemented by its proximity to the beach, making it one of the most unique and attractive places to live in Los Angeles.”
Playa Vista offers a walkable lifestyle attracting millennials, growing families and move down- buyers alike. The Encore project is located steps away from The Shops at Concert Park and minutes from the newly completed “Runway” mixed-use development, featuring a variety of hip retailers, restaurants, and entertainment. Future residents also have access to The Resort, a state-of-the-art, newly completed 25,000 square foot community center complete with a 10,000 square foot fitness center, resort style pools/spas, and community gathering spaces. For trips to the beach and the creative office campus, a free daily shuttle makes Playa Vista a true care-free living experience.
Land Advisors exclusively represented Playa Capital Company, LLC, a subsidiary of Brookfield Residential Properties, Inc., in the sale to Taylor Morrison of California, LLC. Terms are confidential. The Land Advisors’ team representing the Seller was comprised of Tim Barden, Chris Gomez-Ortigoza and Richard Byrd.