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National real estate investor and operator Waterton Wednesday announced it acquired The Vue, a 16-story rental community, at 255 West 5th Street. The sales price was not disclosed.
Originally built in 2008 as condominiums, the property features 318 apartment homes with one-, two-, and three-bedroom floorplans, of which Waterton is acquiring 310 units in the fractured-condo community.
“The property, with its waterfront location and stunning views, presented an opportunity well-suited for our value add strategy,” Peter Kuzma, senior vice president, acquisitions at Waterton, said in Wednesday’s announcement. “Our design and construction expertise will breathe new life into the residences and common areas at The Vue. And the nearby West Harbor redevelopment of the former San Pedro Public Market and waterfront district will serve to support job growth in the area, creating a renewed energy around the San Pedro Market.”
Residences boast “condo-quality” floor plans, averaging 1,035 square feet, and feature nine-foot ceilings and floor to ceiling windows. Planned renovations to apartment homes at The Vue will include stainless steel appliances, updated plumbing fixtures, tile backsplashes, new cabinet fronts, and quartz countertops in kitchens. Faux wood vinyl plank flooring, new lighting fixtures, and the addition of full-size vented washer/dryers round out the in-unit upgrades. Waterton also plans to upgrade the lobby and common areas including improvements to the existing amenities: pool deck, fitness center, rooftop lounge, and business center.