Archstone Buys 276-Unit Complex

Vince Norris of Delson/Norris/Fischer, who represented both the buyer and the seller, tells GlobeSt.com that the purchase makes publicly held Archstone the largest single owner of luxury apartments in the city, with a total of 827 units in three adjacent properties.

The Legacy at Studio City complex is at the base of Universal Studios in Hollywood, at the corner of Vineland Avenue and Ventura Boulevard.

The complex, which was completed in November 2002 and was 93% leased at the time of sale, is a two-building development on a three-acre site. Its 276 units include 135 one-bedrooms, 30 one-bedroom lofts and 111 two-bedroom units. The average size of the apartments is 985 sf, with rents that range from $1,421 to $3,668. Among the features of the units are granite-finished kitchens, full-size washer and dryers, high-speed Internet access, and ceiling heights to 17 ft. The complex, which offers 44 floor plans, features a host of amenities that include a health club-size fitness center, conference and business facilities, and a two-story club room.

Archstone-Smith owns, operates and develops apartments in major metropolitan areas throughout the country. As of Sept. 30, the company owned or had an ownership position in 253 apartment properties, representing 88,653 apartment units, some of which are units under construction. Earlier this year, the company acquired an 11-acre site at 6625 Variel Ave. in Warner Center from Papazian-Hirsch LLC of Warner Center, owners and operators of the Ray-Art television studios complex, with plans for Archstone to develop a $125-million, 522-unit apartment complex.