Amstar and Chandler Pratt Sell Studio 77, A Luxury Mixed-Use Multifamily Property in North Hollywood
Denver, Colorado (October 4, 2016) - Amstar, a Denver-based real estate investment manager, in conjunction with its partner, Chandler Pratt, a Los Angeles-based multifamily developer, announced today the sale of Studio 77, a 156-unit luxury apartment community with approximately 11,000 square feet of retail in the North Hollywood submarket of Los Angeles. The buyer and sale price were not disclosed.
Amstar and Chandler acquired, re-entitled and developed the 5-story property which features two large private resident courtyards, a resort-style swimming pool and a well-appointed lounge area. The unit amenities include Class A finishes such as wood cabinets, stainless steel appliances, quartz countertops and full-size washers and dryers.
“The development and sale of Studio 77 is an excellent example of Amstar’s strategy of building a high quality product in an infill location with sound fundamentals,” said Amstar Managing Director Kim Sperry.
Studio 77 is located in the heart of the North Hollywood Arts District, one of the most walkable neighborhoods in all of Los Angeles. The property is half a mile from the North Hollywood Rail Station, and is adjacent to the future 365 by Whole Foods Market which is expected to open in late 2018. Major entertainment industry employers such as ABC, CBS, NBC, Paramount, Disney, Warner Brothers, Capitol Records, and Virgin Records are proximate to the property and there is over 1.3 million square feet of new office space currently under construction in the submarket. In addition, the property benefits from high visibility and excellent ingress and egress from Lankershim Boulevard. The completed project is a strong addition to the community, and provides outstanding retail and much needed housing in the heart of the vibrant Noho Arts District.
Mary Ann King and Thomas Moran, Jr. from Moran & Company represented the seller.
Established in 1987 and headquartered in Denver, Colorado, Amstar is a real estate private equity company that acquires, develops and manages all major property types in the United States and in select international markets. In the United States, Amstar focuses on investing in high-quality and well-located office, multifamily, industrial, retail and hotel properties with value-add risk profiles. Amstar is a privately-owned company with over 38 professionals, and is based on a culture of trust, integrity, and respect. For more information, visit www.amstar.com.
Chandler Pratt is a full service real estate development, construction, and management firm based in Burbank for over 40 years. Its principals have in excess of 200 years of experience in successfully delivering numerous mixed use projects in Los Angeles that have provided high investment returns to its partners. Studio 77 represents Chandler Pratt’s third investment with Amstar over a 15 year partnership.