(To read more on the multifamily market, click here.)

TOLUCA LAKE, CA-BW Brody Affiliated Cos. of Sherman Oaks has razed a 32-unit apartment complex on Whipple Street and is well under way on a new $20-million, 66-unit luxury building that is due to be ready for occupancy in June. Greg Brody, managing partner of BW Brody, tells GlobeSt.com that the new complex will be a single three-story building over an above-grade garage.

When asked if his company considered building condos on the site, Brody says the development and investment firm viewed the property as an apartment project from the very beginning. “We haven’t built condos for a number of years,” he says.

Brody further explains that, “We have more patient money than some investors, and we’re not looking for an immediate return as the condo investors are, we’re looking for long-term investments.” He notes that his firm has held onto some investments for up to 42 years.

The new building, called the Metro Art, is taking shape on a one-acre site at 10901 Whipple St., near Vineland Avenue. Brody tells GlobeSt.com that his company chose the site because it likes the Toluca Lake, Studio City and Sherman Oaks area.

“It’s in the heart of the entertainment industry, and this is where the growth is in the higher-paying jobs,” Brody says. “You have to build for the higher end today because of the construction costs. The development location is close to all major studios and a few blocks from the Universal City Metro Subway Station.

Rents will range from approximately $1,700 to $2,700 a month at the Metro Art, which is being designed by architect Kamran Tabrizi of Woodland Hills and will be managed by the Eberly Co. of Beverly Hills. The unit mix will include 28 one-bedroom, one-bath apartments, 32 two-bedroom, two-bath units andsix three-bedroom, two-bath units.

The complex will feature media and Internet capabilities with a dedicated T1 connection and prewiring, broadband, digital cable and satellite television in each of the units and 24-hour technical support. Other features will include a gym, a large landscaped courtyard and digital security-controlled access.

Financing for the new Brody building is being provided by Principal Global Investors. Brody tells GlobeSt.com that his company, which owns its properties under a number of investment partnerships, is involved primarily in multifamily projects now and is looking for other development sites.

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