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Inside SaMo's New Luxury Apartments, Starting at $2,700 Month [PHOTOS]

New modern one-and two-bedroom units are available at Fifth Street and Santa Monica Boulevard. Penthouses rent for up to $5,874 a month.

Modern appliances, hard wood floors and views of downtown come at a cost.

At NMS Properties' newest upscale apartment building at the corner of Fifth Street and Santa Monica Boulevard, one- and two-bedroom apartments are renting for between $2,700 and $4,740 a month. Leasing a penthouse requires a $1,500 to $3,095 deposit and monthly rent of between $3,095 and $5,874.

The 50-unit building is within walking distance to the beach, popular restaurants and the Third Street Promenade. Amenities include complimentary Wi-Fi in the courtyard, concierge dry cleaning and personal bike racks.

"With our current leasing specials, we expect 100 percent occupancy before February," said Jim Andersen, president of NMS Properties.

NMS Properties, Inc. is a privately owned real estate development and management firm with 20 properties in Santa Monica.

See also: Major Developer Funneling Money Into New PACĀ 

Brenda Barnes December 08, 2012 at 08:49 PM
Soulless except for the view, which renters of the prior building at that spot paid for by in some cases becoming homeless. $18,500 in relocation benefits funds exactly 11 months of the difference between the about $1,000 a month longtime renters were paying for small apartments in this great location, and the $2700 they would have to pay if they could qualify to rent one of the new ones (which they almost always cannot). In less than a year, those renters would be on the street unless they made $8,100 a month, three times the rent here, which is $97,200 a year, far above the median income for SM of $72,000 in SM in 2009--which even at that includes the top-end north of Montana incomes, so is not reflective of renters' incomes, and is almost twice the median income in CA in 2009. NMS and other developers building such buildings always claim to be building "workforce housing" so people can live where they work in SM. Everyone claiming that knows it is a fraud but hopes gullible uninformed voters will forget it before the next election. Shame on the City of Santa Monica for putting careers of politicians funded by NMS (in a $345,000 Pac it put together and itself contributed $25,000 to for the last election, funding mailers and green reusable bags handed out with flyers all over the beach, for Gleam and Shari Davis, Terry O'Day, and Ted Winterer for City Council), above the interests of residents in maintaining the dwindling supply of truly affordable housing.
Nan Jefferies December 09, 2012 at 08:40 AM
A shocking amount of money. Who can afford to live here?
Brenda Barnes December 09, 2012 at 09:36 AM
Right, Nan. For a one-bedroom. To be able to afford that, people have to be lawyers or doctors at big firms--or investment bankers, of course. That is what the City Council is pushing small businesses and low-income housing renters out to provide space for. Every time they approve a development like this, they claim they are providing "more housing." But for whom? Young rich people, or five to an apartment "interns" at local film and computer companies. Certainly no families with young children, or seniors on fixed incomes, or people living on disability checks. Nope--SM sold its soul when Bloom convinced them to do what any developer who came along wanted, no matter what residents wanted or lost in the shuffle.

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