Park La Brea Apartments Leads New Luxury Suite Trend Despite Swelling Occupancies

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Complex offers new elegant towers with huge floorplans, art deco features and abundance of on-site amenities.

Despite swelling Southern California apartment occupancy rates, Park La Brea Apartments is leading the luxury suite renovation trend hitting the market with the launching of its "Signature Collection." At the end of 2004, occupancy rates in the Los Angeles Metropolitan and Valley remain one of the highest in the nation at 95.9 percent – up an annual 0.2 percent, according to market tracker RealFacts.

Conducting its own research, Park La Brea Apartments developed the tower luxury suites based on resident feedback. "People love the units so much that we can hardly keep them available," said Barbara Barsi, marketing director, Park La Brea Apartments. She adds, "Even though we are experiencing an amazing occupancy rate, we are still continuing to renovate our units, revitalize our parks and offer a plethora of on-site amenities that no other area community can offer."

Since the launch of the luxury apartments, prospective resident interest has dramatically increased. "We haven't seen this level of interest from potential residents in the last 10 years," said Barsi. Viewing of Park La Brea Apartment's "Signature Collection" suites is available by appointment only by calling 1-800-453-3049.

According to Reis Transaction Monitor, the Los Angeles apartment market had the lowest area vacancy, which at 3.4 percent ranks fourth in the country among the top 64 apartment markets. Contributing to the successful rental market is the high and rising cost of homeownership in Los Angeles – with the median sales price for existing single-family homes up 24 percent from last year according to the National Association of REALTORS.

Originally designed in the early 1940s by Architects Gordon Kaufman and J.E. Stanton, Park La Brea is, to this day, a modern marvel of architectural design and planning. Inspired by the innovative housing of Le Corbusier in Paris, this architectural team set out to create multifamily housing in a new way. Today, the entire 167-acre complex has been meticulously renovated with broadband cable television, telephone and Internet connections, gourmet kitchens, and beautifully restored interiors. Spectacular gardens, a junior Olympic pool, state-of-the-art fitness center and a premiere location help make Park La Brea the best place to live in Los Angeles. See for yourself--to see the inside, or learn more about Park La Brea, visit http://www.parklabrea.com, or call 1-800-453-3049.

Media Contact:

Kristal Zacharias

Kristal Clear Communications

310-944-3330

Park La Brea Contact:

Barbara Barsi

323-353-0353

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