• Sun. May 19th, 2024

Step Inside Stan Kroenke’s Luxury Apartments That Include Unusual Next Door Neighbors

Bynewsmagzines

May 16, 2023
SoFi Stadium is visible from some residential units at The Wesley luxury apartments in Inglewood, California. (Stephen Magner (c) Hollywood Park)

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The apartments may be out-of-bounds, but those who step inside the first multifamily building to open in Stan Kroenke’s multibillion-dollar mixed-use redevelopment in Inglewood, California, quickly realize they’re still close to a lot of professional sports action.

Neighboring SoFi Stadium looms through second-floor lobby windows. That sports venue and the soon-to-open and highly visible Intuit Dome being built nearby offer residents access within walking distance to three professional sports teams, an uncommon situation for U.S. apartment dwellers.

The two stadiums are roughly a half mile from each other, unusually close for U.S. sports venues outside of a city’s downtown. Rarer still is for an apartment complex to be wedged between two stadiums sitting that close together in a suburb.

SoFi is home to the Los Angeles Rams and Chargers football teams while the Intuit Dome will feature billionaire Steve Ballmer’s Los Angeles Clippers basketball team across the street.

The 101-unit The Wesley luxury apartment complex opened in May. (Stephen Magner (c) Hollywood Park)

In between the two on Kroenke-owned property sits The Wesley, a 101-unit luxury apartment that opened this month at 3988 E. Hardy St. in Inglewood. The apartment project is part of Kroenke’s larger 300-acre Hollywood Park, a redevelopment expected to feature apartments, retail, hotel rooms, office space, a park and more in addition to SoFi Stadium.

Hollywood Park’s retail space is slated to open in the coming months, and The Wesley’s neighbor, 213-unit The Crosby, is under construction.

The Hollywood Park project is one of the largest active development projects in Southern California. Inglewood is a city south of downtown Los Angeles that has been overlooked by investors for years.

The Wesley has views of both SoFi Stadium and the Intuit Dome throughout the property. The apartment’s lobby offers a double-height space and a resort-like feel. The lobby, and a gathering space above it, has nooks for residents to relax or to work.

The apartment property features studio, one-, two- and three-bedroom apartments, including townhouse units. Most apartments have private balconies where residents can see crowds gathering for games, concerts and other live events hosted at SoFi Stadium and the surrounding venues.

The Wesley has an outdoor lounge area for residents that includes a dipping pool and a wall where a projector will play movies and TV. (Stephen Magner (c) Hollywood Park)

Other amenities include a game room, pet spa and fitness center. The complex also has a dipping pool and a wall meant for outdoor screenings of movies and TV — with the Intuit Dome visible from both. The project’s outdoor terrace boasts fire pits, pouf chairs, cabanas and other spaces for residents to relax.

The average monthly cost to rent an apartment at The Wesley is $5,482, according to CoStar data. That’s far higher than the greater Inglewood apartment market average of $1,702.

The city of Inglewood is an emerging node for highest-ranked Class A multifamily property and it has 461 apartments rated Class A, all built since 2021, according to CoStar data. Sora, built in 2021, has an average rent of $2,925 and is roughly 13% vacant.

Chris Meany, partner of San Francisco-based Wilson Meany which developed The Wesley, said the rents are higher than market average because of Hollywood Park’s shopping, entertainment venues, outdoor recreation spaces and other features.

He said the Inglewood market can support more Class A multifamily development. He expects Hollywood Park’s apartment rents to be near the top of the market.

A kitchen inside The Wesley apartments next to SoFi Stadium in Inglewood, California. (Stephen Magner (c) Hollywood Park)

In terms of future development, Meany said there could be hundreds of more apartment units as Hollywood Park builds out, and his firm is all-in on being part of that construction process.

“This will be the most important location in L.A.,” Meany said. “It’s designed to be the best of what L.A. has in the future.”

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