Oakhurst 432 is filling a void in Beverly Hills, Calif., with new for-sale condominiums for the top of the luxury market. The builder, ETCO Homes, has been doing business in Beverly Hills for the last 12 years, and developed relationships it has been able to leverage for successful multifamily development.
Since last November, ETCO has sold all but six of 34 residences at Oakhurst 432, ranging from 2,134 to 2,916 square feet and starting in the high $1 millions. The contemporary style homes feature open floor plans that are ideal for entertaining, pus rich finishes and designer-selected appointments.
Bob Etebar, ETCO’s co-founder, principal and COO, explains why Oakhurst 432 is attracting affluent buyers both within the United States and overseas. Hammid Gabbay of Gabbay Architects, Beverly Hills, joins in with comments on the design aspects.
DI: Why did you decide to build condominiums in Beverly Hills? What’s driving that market?
ETEBAR: In all the major cities in California and along the West Coast in general, the condo market is pretty supply-constrained. There are a lot of apartments, but not a lot of for-sale condominiums. In Beverly Hills, we saw an opportunity to provide a product that didn’t exist.
I’d say a good 40-50 percent of our buyers are international. They come from all parts of the world, including Europe, Asia, the Middle East, Australia and New Zealand. I think they see it as an opportunity, especially since some of those countries are experiencing political unrest and high taxation issues.
There’s a healthy mix of buyer types including empty nesters, business professionals and people who want a second or third home in a prestigious location. Some are local residents that are downsizing from larger homes, and some are buying a condominium for their children, who attend USC or UCLA or one of the other universities in the Los Angeles area.
These buyers recognize that Beverly Hills holds its property values better than other areas, even in a downturn. They consider it a safe haven for a real-estate investment.
DI: The old “location, location, location” adage has never been more apt than in Beverly Hills. Can you tell me what makes Oakhurst 432’s location so enviable?
ETEBAR: It’s on a quiet street within walking distance of literally everything you’d ever want including great shopping, great restaurants, five-star hotels and cultural attractions. You’re near Rodeo Drive and West Hollywood. Essentially, you’re in the heart of West L.A. with a Beverly Hills address, and that has a lot of allure.
Oakhurst 432 is in a school district that’s second to none, and the police and fire departments are as good as any in the country, if not the world.
DI: What were you trying to achieve from a design and architecture perspective?
GABBAY: The building is a contemporary design, and I tried to make it a combination of vertical setbacks and horizontal linear elements. It’s in line with a few other buildings on the street and complies with the city’s height limitation for the block.
The goal was to design a floor plan that, with its contemporary design, appeals to a wide variety of buyers. The plan is open, the size is generous, and residents can enjoy the views, the jacaranda trees and the hills from wide-open windows and doors.
ETEBAR: Oakhurst 432 projects a warm, modern feeling with a smooth stucco exterior and custom aluminum cladding and accents. There are a lot of browns and grays, a lot of earth tones incorporated into this project.
With the residences, we wanted to capture an indoor-outdoor feel. Ground-floor units have spacious patios and the second-, third- and fourth-floor units have large balconies. Fleetwood windows and doors slide open to one side and make the indoor and outdoor spaces live large, and there’s lots of natural light through those floor-to-ceiling windows.
There are also seven penthouse units that come with a full rooftop deck. If you have a 2,200-square-foot penthouse, it has a 2,200-square-foot deck directly above it with a private Jacuzzi. From that vantage point, homeowners have unobstructed views of the Hollywood Hills and the downtown and Century City skylines.
DI: How do the interior features and finishes meet the expectations of your targeted buyer?
ETEBAR: As I mentioned, the homes have Fleetwood windows and doors, which are top of the line for the industry right now, especially with modern architecture. There are smooth drywall finishes; high-end lighting fixtures and appliances; Italian plumbing fixtures and custom cabinetry; and laundry rooms equipped with front-loading washers and dryers. We use a rooftop deck paver system that is both luxurious and low maintenance. PB
