LaTerra Development, QuadReal Launch Los Angeles Multifamily JV

Los Angeles-based multifamily development company LaTerra Development and QuadReal Property Group, a global real estate company based in Vancouver, Canada, have formed a joint venture to invest up to $250 million to develop multifamily communities in Southern California with a focus on Greater Los Angeles.

The joint venture has already closed on land acquisitions for projects in Burbank and West Hollywood. In Burbank, the venture plans to develop 573 apartment units at 777 N. Front Street near a downtown transit stop. The venture, noting that Burbank has only had one apartment project built in the past 20 years, said the community, home to media companies including Disney and Warner Brothers, has the highest jobs-to-housing ration of any city in California.  In West Hollywood, the venture plans to break ground in 2020 on a 71-apartment project at 7617 Santa Monica Blvd. According to the companies, both projects will include affordable housing components, with 69 affordable units in Burbank and 11 in West Hollywood.