California Landmark Group has completed the 100-unit M1byCLG (“M1”), the largest multifamily development in Los Angeles’ Silver Lake submarket since 2015. M1 is currently 60% leased.
M1byCLG represents California Landmark’s entry into one of Los Angeles’s most trendy neighborhoods known for its eclectic mix of boutique shops and artisan restaurants. Despite its popularity, Silver Lake suffers from a supply/demand imbalance with the majority of the multifamily inventory consisting of small, older buildings lacking today’s modern amenities, according to Ari Kahan, head of acquisitions and development for CLG.
“It was important that our design fit within the fabric of this architecturally significant region of Los Angeles,” said Kahan. “M1’s classic industrial design, pays homage to historic Silver Lake and is reminiscent of the original manufacturing buildings constructed here in the early 1900’s. The property has been well received by the community which is reflected in the tremendous leasing velocity we have experienced,” he said.
Each apartment home features floor-to-ceiling windows, stone countertops, stainless steel appliances, in-unit washer and dryers, walk-in showers and private patios. Common area amenities include a fitness center, co-working space and a roof-top deck with pool and spa, barbecues, and unobstructed views of the Hollywood Hills. The six-story structure is built over a subterranean garage with parking, and a lobby that pays homage to Herman Silver, the former chairman of the Los Angeles Water Commission whose idea was to create a reservoir surrounded by homes and parks that is now Silver Lake.
Located at 1221 Myra Avenue on the southwest corner of Fountain Avenue, M1 is within walking distance to Sunset Junction, considered the heart of Silver Lake, with its many restaurants and cafes, shopping and entertainment venues. It is also within a 10-mile drive of the major job centers of downtown Los Angeles, Pasadena, and Century City. M1 is also served by the nearby Vermont/Sunset station on the Metro B Line that runs between North Hollywood and downtown Los Angeles, with connections throughout the Greater Los Angeles metro.
Silver Lake boasts an inventory of approximately 7,500 rental units with the majority built in the 1950s. M1 is the largest multifamily development to be delivered to the market since 2015, according to data from CoStar.
