|Number of units||230|
JLL, as exclusive advisor, is pleased to present Millennium South Bay (the “Property”), a 230-unit, LEED certified generational core multi-housing investment opportunity located in the burgeoning city of Hawthorne. Completed in 2021, the Property defines a new class of living for Hawthorne and the South Bay as its contemporary residences and upscale community amenities clearly distinguish Millennium South Bay from its competitive set. As evidenced by the exceptional lease-up, Millennium South Bay is primed to be one of the South Bay’s most desirable communities yielding durable cash flow in one of Los Angeles’ highest growth markets.
- Rare Opportunity to Acquire the Only Luxury Product in a Rapidly Growing Neighborhood of South Bay: As the South Bay continues to rapidly transform and home prices continue to appreciate, Millennium South Bay stands to benefit from the younger affluent tenant base flocking to the area in search of luxury living at a significant discount to the neighboring beach communities.
- Truly Differentiating Luxury Product with State-of-the-Art Finishes & Amenities: The high-quality construction and level of detail displayed at Millennium South Bay has brought a modern and differentiated living experience never-before-seen to Hawthorne and the greater South Bay region.
- Transit-Oriented Development at the Heart of Burgeoning Employment Center: Residents of Millennium South Bay benefit from unparalleled access to all major employment centers throughout Los Angeles. The Property is located directly across the street from the SpaceX Corporate Headquarters and Tesla’s Design Studio.
- Significant Public & Private Investment Highlights Near & Long Term Upside: Within a 10 minute drive of Millennium South Bay, over $20 billion is being invested into both the Hollywood Park development, which includes the brand new Sofi Stadium, as well as the modernization of Los Angeles International Airport (LAX).
- High-Growth Submarket with Strong Demand for Class A Housing: Hawthorne is in the midst of a rapid transformation as prominent technology companies continue building their presence in the area. This migration along with the shortage for Class A housing units has created an excellent opportunity for Millennium South Bay.
- Limited Competition & High Barriers to Entry: The City of Hawthorne passed an amendment to the Hawthorne Municipal Code (HMC) which add standards for specific plans and application submittal requirements making it difficult for a developer to replicate Millennium South Bay.
- Significant Rental Upside Given Homeownership Premium:. The average SFR list price in Hawthorne currently is ±$921,000 (16.8% increase YoY), which presents rentership as the financially preferred living option for young affluent residents who cannot afford to own a home.