The new complex is adjacent to a public park and within a few blocks of the Hollywood freeway, according to David Blenko, president and CEO of Haverford, who says the company was attracted to the deal because of the region's continued shortage of apartments amid a rising demand for housing and a vacancy rate of less than 5% in North Hollywood. He says the location benefits from being within convenient commuting distance for workers at entertainment companies in nearby Burbank.
The equity for the JSM development was funded through Haverford's discretionary investment fund, formed earlier this year to invest in commercial real estate valued at more than $300 million over the next two years. Haverford is an affiliate of national real estate investment firm Highridge Partners, based in El Segundo.
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