Trammell Crow Residential, the multifamily division of Crow Holdings, has unveiled its largest project from a recent building surge in Los Angeles’ San Gabriel Valley. The Alexan Marmont, previously known as Alexan Monrovia, is now open to residents at 1625 South Magnolia Ave. in Monrovia, California.
This 436-unit development offers a range of studio, one-, two-, and three-bedroom apartments, featuring modern amenities like in-unit washers and dryers, keyless entry, two rooftop lounges, two pools with spas, a sports bar lounge, a fitness center, and secure parking. The complex, located 20 miles from downtown Los Angeles along Route 201 with access to the Metro Gold Line, overlooks the San Gabriel Wilderness and Angeles National Forest.
Garth Erdossy, Senior Managing Director for Trammell Crow Residential’s California division, highlighted the project as part of the firm’s commitment to providing luxury multifamily options in high-growth U.S. areas.
The Alexan Marmont is the largest of several developments that marked a construction boom in the San Gabriel Valley starting in 2020, peaking in 2023. During this period, units under construction in the area surged from fewer than 500 to over 2,500, according to CoStar. This boom made the San Gabriel Valley the second most active construction area in Los Angeles County, behind downtown Los Angeles.
However, by early 2024, rising debt costs, cooler tenant demand, and new transfer taxes imposed by Los Angeles have slowed construction countywide. Only 1,600 units began construction in the first quarter of 2024. If these trends continue, Los Angeles may face a shortage of new units as early as 2025.
Despite the robust construction activity, the influx of new units could lead to lower occupancy rates in the near term. Vacancies in the higher-end segment have risen dramatically, with rates jumping to around 17%, compared to the broader San Gabriel Valley’s 4.6% vacancy rate and Los Angeles County’s 5.2%.
Upcoming projects in the area include Monrovia Station, a 301-unit development by Century West Partners set for early 2025, and Jefferson Monrovia, a 296-unit project by JPI/TDI.
Trammell Crow Residential declined to comment further on the project.
SOURCE: CoStar News
