A slowing market, another sales to rental switch-a-roo. Originally planned as a sales development, Villa Malibu has gone rental. Developed by the Carlyle Group, the gated luxury 68-unit community on Cavalleri Road opened for leasing earlier this month. The first luxury rental development in Malibu, rents range from $3,850 to $9,650 (for a few thousand dollars more, you can get a furnished pad), while the complex offers five-star amenities including two tennis courts, pool, basketball court, concierge, private cabanas, and the obligatory Zen Garden. This summer, beach porter service will be available.
Reps for Villa Malibu tell LA Curbed it’s a been a mix of renters moving in: everyone from young professionals to empty nesters to local residents needing a place to crash while their own homes are being remodeled.