1131 Alta Loma Rd | Park Wellington

1131-alta-loma-rd

Park Wellington
1131 Alta Loma Rd
Los Angeles CA 90069

Park Wellington is a 5 story, 162 condo, tropical resort feeling, low rise condominium complex in West Hollywood. Built in 1972- it was originally an apartment building. The building went into foreclosure in 1975, and Newport Beach-based Developer “The Troy Investment Fund” bought it out of receivership for $3M. Troy held 1131 Alta Loma for 10 years continuing to operate it as an apartment building until 1985 when they converted it into condominiums.

alta-loma-rd-architects

To raise the appeal to buyers Troy hired famous Los Angeles modern commercial architect William L Pereira to redesign the building for sale. William Pereira oversaw his team of associates: Steven Jellison, Diane Hussey, Chuck Grein, and David Pillman. The total cost of the renovations was $11M. They wanted to “create a light tropical feeling”, and added the glass pavilions in the entry, aluminum railings, remade the lobby into a grand two-story entrance with imported marble and brass stair case, added crown molding in the hallways, stone pavers the driveway, planted Queen Palms and lush landscaping, and waterfalls.

coco-palms

Queen Palms in Park Wellington Courtyard

 This building has a very Hawaiian Resort vibe to it.

The Building was marketed to Busy Professionals. In one add the developer stated, “Park Wellington residents represent the West Los Angeles Professional Elite: attorneys, architects, screenwriters, restauranteurs, and entrepreneurs.” These elite professionals led stressful lives. They probably appreciated Park Wellington’s numerous amenities that provided them with a place to recreate, unwind, and relax.  People still need a place where they can unplug, maybe more now than ever.

Location

The Neighborhood is very Quiet and Safe. Park Wellington has a 24 hour security guard on site, controlled access, and security cameras. It has a pretty convenient location just 10 Minutes from Beverly Hills, 20 Minutes to West Wood and Century City, 10 Minutes to Downtown Hollywood, and Park Wellington is a lot more affordable than Beverly Hills prices!

Shopping and Café’s on Sunset Plaza are just five minutes away. Rodeo Drive is 10 minutes. Looking to catch a game? Check out Barney’s Beanery- it’s one of the oldest places in all West Hollywood.

Real Estate

All of the condos are single level except for 6 townhouses. The Townhouses are number in the 600’s (601, 602, 603,604,605,606) and sell for $1M right now.

The majority of the condos are 1BR. Out of 162 condos, (105) are 1BR condos range from 700 sqft -750 sqft and (50) are 1 Bedroom Plus Den and 2 Bedrooms ranging from 900 sqft – 1,100 sqft. All of the condos have at least 1 ½ bathrooms. The front doors are 8 foot high double doors. Condos have 9 ft high ceilings and floor to ceiling sliding glass doors that lead to 100-200 sqft Balconies. Many of the 1 Bedroom plus dens have been converted to 2 Bedrooms by their owners. Kitchens have Electric Stoves.

 Prices for 1BR and 2BR is $500,000- $800,000

Turnover Ratio?  5%

 Record Sale? $1,020,000 8/17/2016

Appreciation: 4%

Park Wellington Amenities

park-wellington-pool-and-spa

Salt Water Pool w/ 7ft deepend and Spa (hours 7am -11pm)

full-fitness-center

Full Fitness Center

1131altaloma215__tennis-level

North/South Lighted Tennis Court

38788917

Lobby- 24/Security and Front Desk

Parking & Laundry

Two Levels of Parking. Deeded Parking Spaces. No Valet. 1 Bedroom Condos have 1 Parking Space. 1 Bedroom plus Den and 2 Bedrooms have two Parking Spaces. There is plenty of guest parking. If you need another parking space the Home Owners Association has additional space available for lease.

 washer and dryer in unit

Park Wellington Home Owners Association

No Sunday Public Open Houses allowed. Tuesdays Brokers Caravan is OK. Private Showings can be arranged anytime.

HOA dues Monthly Cost? $500 -$750/mo.

HOA dues cover? Water, Basic Cable, Staff, Building Maintenance, Building Insurance, Reserves

Owner Pays For? Electricity, (No Gas), Internet, Condo Insurance

any special assessments? No

Pet Policy? Pet allowed but there is a 25 pound weight limit.

Rental Policy? No Restrictions

EQ Insurance? No

Building Reserves?

Special move in instructions?

Can you have BBQ on balcony?

Management company?

If you need these or any other questions answered, or, if you would like to see the property, please call me directly at (310) 388-7332 or click the button below and I will be in touch shortly. 

 

Speak to an Agent

 

 

About the Author