Lendlease is putting the final touches on one of its last multifamily developments in the U.S., as the $316 million Habitat Residences nears completion in the Culver City area of Los Angeles. The project marks a milestone in the firm’s planned exit from international development and construction operations.

Developed in partnership with Australian pension fund Aware Super, the Habitat Residences will bring 260 rental units to the market. The apartments will include studio, one-bedroom, and two-bedroom options, with floorplans ranging from 450 to 1,400 square feet. Each home will feature floor-to-ceiling windows, and most will offer outdoor space in the form of balconies or terraces. Rental rates have not yet been disclosed.

Designed by New York-based SHoP Architects, the residential structure stands out with a curved layout and terraced levels clad in dark green paneling. Interiors are planned with a warm and natural aesthetic, featuring wood, stone, and tile materials layered in rich Southern California-inspired textures and tones.

Amenities will play a significant role in the lifestyle experience at Habitat Residences. Residents will enjoy access to a pool deck with cabanas and grilling areas, an indoor-outdoor fitness center, coworking spaces, a social lounge and media room, a library, and pet-friendly features such as a dog run and pet spa. Habitat-branded e-bikes and dedicated storage will also be available.

At street level, the building will include 2,900 square feet of retail and direct access to a full acre of landscaped open space, seamlessly linking to the nearby Expo Bike Path and the LA Metro E Line for added commuter convenience.

The overall Habitat development spans 3.5 acres and includes a six-story office building that, like the residential component, topped out in December 2023. The project was conceived with environmental sustainability in mind. It is designed for net-zero construction and operation, integrating solar energy systems and 193 electric vehicle parking spaces. Greystar, based in Charleston, South Carolina, will manage the property.

Lendlease announced in May 2024 its intention to exit the international development and construction sector within 18 months. Despite this shift, the company pledged to fulfill existing commitments on joint ventures, including Habitat.

The firm’s President of Development in the Americas previously said that Habitat is emblematic of Lendlease’s vision for sustainable, community-oriented development.

Lendlease's other remaining multifamily project in the U.S. is The Riverie, an 834-unit, all-electric development underway in the Greenpoint neighborhood of Brooklyn, New York. Like Habitat, it is being developed in partnership with Aware Super. The Riverie, which spans an entire city block, includes 20- and 37-story residential towers, a podium structure, and a public waterfront esplanade. The property will rely on a closed-loop geothermal system, expected to reduce emissions from heating and cooling by 53%.

In addition to winding down its international portfolio, Lendlease is preparing to divest major assets in San Francisco, Chicago, and London. That includes high-profile projects such as Hayes Point, Lakeshore East, and Deptford Landings.

The Habitat Residences is expected to begin leasing in 2026, with Lendlease’s U.S. footprint gradually receding thereafter.

Originally reported by Mary Salmonsen in Multifamily dive.