Terraces at La Cienega is slated for updates in 2022, following its recent acquisition by LaTerra Development.
The Los Angeles-based developer purchased the 42-unit apartment building at 1121 North La Cienega Boulevard for more than $29 million.
Located one block from the famed Sunset Strip, Terraces at La Cienega is in a highly walkable area close to prime shopping, dining, and entertainment venues.
LaTerra has retained Urban Architecture Lab to freshen the building’s exterior façade with a look that pays homage to the original architectural designs. Vintage 1990s interiors will be updated with new appliances, finishes, flooring materials, and designer kitchen and bathroom fixtures. A washer-dryer will be added to each apartment. A new rooftop deck with outdoor seating and dining amenities will expand the building’s extensive open air common areas that will be enhanced with new landscaping and furniture.
The apartment renovations are planned to be completed over a two-year period. Amenity spaces and exterior building work are anticipated to be completed within 12 months.
The building’s current mix of nine one-bedrooms, 31 two-bedrooms, and two three-bedrooms will be maintained. Current tenants will be offered the opportunity to relocate to a newly renovated apartment at market rates upon completion.
LaTerra has also identified 10 locations within the existing property that could be converted to accessory dwelling units (ADU) given the ample on-site parking spaces. The ADUs will be one- and two-bedroom apartments and are allowed under recent California law to help increase the supply of housing.