City/State: Los Angeles, California
Reveal Playa Vista is a Class A, 214-unit multifamily property located in the tech epicenter of Silicon Beach. Reveal features one- and two-bedroom units averaging 1,029 square feet and includes amenities such as a clubhouse, fitness center, swimming pool, and spa.
Built in 2003, Reveal's amenity package was limited and its common area and interior unit finishes were outdated and required investment to remain competitive in the submarket. Clarion Partners identified the value of Reveal’s excellent location within Playa Vista and acquired the property with the intent to significantly reposition the property and incorporate new amenities to competitively position Reveal in the submarket.
Clarion Partners worked with a local partner to redesign and rebrand the property. Approximately $14.4 million was invested to add new amenities and renovate the existing including, adding a new clubhouse, rooftop lounge, resident lounge/library, media/entertainment room, converting a business center to multiple co-working stations, and upgrading the pool deck, spa and cabanas. All unit interiors were also updated with contemporary designs and finishes.
Since implementing the capital investment plan in October 2019, the property has seen a significant increase in rental rates and was recognized as the “Best Repositioning/Redevelopment of a Multifamily Community” at the National Association of Home Builders’ 2022 Multifamily Pillars of the Industry Awards*.
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