Archstone Snatches Luxury Community for $56M
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STUDIO CITY, CA-GlobeSt.com has learned exclusively that a private investment fund has sold Studio 40-41, a 149-unit luxury apartment community at 4041-4121 Radford Ave. here, to Archstone for $56.3 million. The property is centrally located on 1.26 acres on the Ventura Blvd. corridor.
Greg Harris and Ron Harris, EVPs, and directors Kevin Green and Joseph Smolen, all from Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, represented both the buyer and the seller in the transaction. “The investor acquired a core Southern California asset in a dense infill location across the street from CBS Studio Center and adjacent to the burgeoning Ventura Blvd.,” said Ron Harris in a prepared statement.
Greg Harris added that the rare asset was built in 2009 from high-quality materials and sits in an “A” location on the cusp of Greater Los Angeles and the San Fernando Valley. Its location on the slope of the Santa Monica Mountains puts it within 3 miles of more than 9,500 entertainment-related jobs at companies including CBS, Universal Studios and Warner Bros.
The property is composed of two four-story buildings with 15 different floor plans totaling 120,354 rentable square feet. Amenities include a high-tech fitness center, a recreation room with billiards, a lounge and water features throughout the grounds. Unit amenities include 9-ft. ceilings, gourmet kitchens with stainless-look appliances, glass-top ranges, reflective quartz countertops, vinyl wood plank flooring on the first floor only, in-unit washer/dryers, built-in closet shelving, dimmable lighting, built-in desks, enlarged patio areas and private sundecks in select units.
As GlobeSt.com previously reported exclusively, last month IPA represented both the seller and the buyer in the purchase of a 1.38-acre development site downtown for $15,750,000, or $67,021 per buildable unit. The site at 111 N. Brand Ave., at the corner of Wilson Ave. and Brand Blvd., has been given “generous zoning” by the city of Glendale in terms of development. Holland Partners was the buyer, and a Northern California-based partnership was the seller.
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