HFF senior managing directors Paul Brindley and Doug Bond andmanaging directors Todd Sugimoto and Mark Wintner representedmultifamily development firm JPI, and Fidelity Real Estate Groupprovided the equity.

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Jefferson at Hollywood, slated for completion in 2010, will have271 residential units averaging 881 sf, 8,500 sf of ground-floorretail and a subterranean 755-space parking garage. Amenitiesinclude a business center, clubhouse with concierge services, movietheatre, pool, Jacuzzi, outdoor grill, lounge and a fitnesscenter.

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Jefferson at Hollywood is located on Highland Avenue adjacent toHollywood & Highland, home to the Kodak Theatre, and near theMTA Red Line Station."It's really a great location," says Bond,adding, "and one where there's not a lot of residentialcurrently."

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Brindley adds, "It's transited-oriented, and the location willsupport very strong rents. We certainly have the expectation thatit will achieve some of the highest rents in the market."

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Multifamily development in the Hollywood area has been fewerthan1,500 units since in the last dozen years, the developers say.The West Los Angeles market, which enjoyed increased leasingactivity and 1,949 units absorbed in 2007, saw its net absorptionrate decrease by 14 units in the first quarter of 2008, with thelarge volume of new construction over the last 15 months pushingthe overall average vacancy rate up to 5.4% in the first quarter,the highest level in at least a decade, according to a recentreport by Hendrick & Partners.

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Hollywood's largest multifamily project is the mixed-use projectBlvd6200, greenlighted by the Los Angeles City Council in July2007. The 1.1 million sf project, adjacent to the Pantages Theatre,will provide more than 1,042 units of new rental housing, of which10% are affordable, as well as live-work units. The $400-millionmixed-use project will provide 40,000 sf of live/work/office space;175,000 sf of retail/restaurant uses; 12,000 sf of open, publicplazas; and adequate underground parking for all uses, includingthe Pantages Theatre. The Clarett Group is the developer of theproject, which is situated on a seven-acre site that spans bothsides of Hollywood Boulevard at Argyle Avenue east of VineStreet.

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