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LOS ANGELES, CA – The Los Angeles office Holliday Fenoglio Fowler L.P. has arranged $27.19 million in joint venture equity on behalf of JPI Inc. for Jefferson at Hollywood, a multifamily development situated near mass transit options and the Hollywood & Highland Center in Hollywood.

HFF senior managing directors Paul Brindley and Doug Bond and managing directors Todd Sugimoto and Mark Wintner represented multifamily development firm JPI, and Fidelity Real Estate Group provided the equity.

Jefferson at Hollywood, slated for completion in 2010, will have 271 residential units averaging 881 sf, 8,500 sf of ground-floor retail and a subterranean 755-space parking garage. Amenities include a business center, clubhouse with concierge services, movie theatre, pool, Jacuzzi, outdoor grill, lounge and a fitness center.

Jefferson at Hollywood is located on Highland Avenue adjacent to Hollywood & Highland, home to the Kodak Theatre, and near the MTA Red Line Station.”It’s really a great location,” says Bond, adding, “and one where there’s not a lot of residential currently.”

Brindley adds, “It’s transited-oriented, and the location will support very strong rents. We certainly have the expectation that it will achieve some of the highest rents in the market.”

Multifamily development in the Hollywood area has been fewer than1,500 units since in the last dozen years, the developers say. The West Los Angeles market, which enjoyed increased leasing activity and 1,949 units absorbed in 2007, saw its net absorption rate decrease by 14 units in the first quarter of 2008, with the large volume of new construction over the last 15 months pushing the overall average vacancy rate up to 5.4% in the first quarter, the highest level in at least a decade, according to a recent report by Hendrick & Partners.

Hollywood’s largest multifamily project is the mixed-use project Blvd6200, greenlighted by the Los Angeles City Council in July 2007. The 1.1 million sf project, adjacent to the Pantages Theatre, will provide more than 1,042 units of new rental housing, of which 10% are affordable, as well as live-work units. The $400-million mixed-use project will provide 40,000 sf of live/work/office space; 175,000 sf of retail/restaurant uses; 12,000 sf of open, public plazas; and adequate underground parking for all uses, including the Pantages Theatre. The Clarett Group is the developer of the project, which is situated on a seven-acre site that spans both sides of Hollywood Boulevard at Argyle Avenue east of Vine Street.

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