If approved, the property at 10000 Santa Monica Blvd., known as Ten Thousand and built in 2017, would mark the city’s largest condo conversion to date
Miami-based developer Crescent Heights submitted plans this month to transform its 40-story, 283-unit apartment building in Century City into condominiums, Bis Now reported.
If approved, the property at 10000 Santa Monica Blvd., known as Ten Thousand and built in 2017, would mark the city’s largest condo conversion to date.
The building, which currently offers rents starting at approximately $10,000 monthly and reaching $65,000 for the penthouse, exceeds the average Century City apartment rent of $6,867, according to Apartments.com data. Crescent Heights intends to convert the units without reconfiguration or construction, a process expected to take four to six months, sources familiar with the plan said.
The median condo price in Century City stood at nearly $1.6 million in May, with monthly averages remaining above $1 million even at the year’s lowest point. The conversion could shift the luxury market, though no timeline for approval has been set.
Crescent Heights recently expanded its portfolio, purchasing a 350-unit, two-tower apartment complex in Santa Ana from Essex Property Trust for $240 million—about $686,000 per unit—in the first quarter, real estate records indicate. The Century City project reflects a broader trend of developers adapting high-end rentals amid shifting housing demands.
