case study

Multifamily Refresh: Reveal Playa Vista

Crescent Park Playa Vista pool area

​​​​​​​​​​​City/State: L​​os Angeles, C​​a​lifornia​

​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Built in 2003, Reveal's amenity package was limited and its common area and interior unit finishes were outdated and required​ investment to remain competitive in the ​submarket.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 significantl​y 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. ​​

​​Property improvements in fitness center and billiards room 

Visit the ​property website.​ 






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Footnotes

Disclosures

The investments described herein were selected based on non-performance-based criteria and are not necessarily representative of any particular Clarion Partners fund or portfolio. It should not be assumed that any of these properties are or will prove to be profitable.​​

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This material does not constitute investment advice, nor does it constitute an offer in any product or strategy offered by Clarion Partners LLC or Clarion Partners Europe, and should not be viewed as a current or past recommendation to buy or sell any securities. Any specific investment referenced may or may not be held in a Clarion Partners client account. It should not be assumed that any investment, in any property or other asset, was or will be profitable. Investment in real estate involves significant risk. Investors should consider their investment objectives, and it is strongly suggested that the reader seek his or her own independent advice in relation to any investment, financial, legal, tax, accounting or regulatory risks and evaluate their own risk tolerance before investing.

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