LOS ANGELES AND BURBANK, CALIF. — A joint venture between Los Angeles-based LaTerra Development and Canadian investment firm QuadReal Property Group has launched a $250 million fund to develop and operate multifamily communities in Southern California. The joint venture has acquired land for two different projects in the greater Los Angeles area.
The first project will be a 573-unit, transit-served community that will be situated on an eight-acre site at 777 N. Front St. in Burbank. The site is located near the corporate headquarters of Walt Disney Studios and Warner Bros. and will also house a 300-room hotel that will be developed separately.
This community, which will be branded The Line at Burbank, will be just the second new multifamily project to be constructed in Burbank in the last 20 years. The other, the 241-unit Talaria at Burbank, was completed in February 2019 following years of setbacks that included adjustments to surrounding traffic flows and various environmental concerns.
The second development will be a 71-unit complex at 7617 Santa Monica Blvd. in West Hollywood that will also house 10,000 square feet of ground-floor retail space. Amenities at this property will include a rooftop pool and two levels of subterranean parking.
In addition, both developments will feature affordable housing components. The Burbank community will offer 69 affordable housing units, and the West Hollywood complex will feature 11 such apartments. Both communities will also offer eco-conscious features such as electric car charging stations, solar panels and LEED Gold certification.
“Los Angeles has extremely high barriers to entry, and we are excited to partner with a local operator that has significant entitlement expertise and reach into the local market,” says Tim Works, managing director of the Americas branch of QuadReal. “Burbank and West Hollywood are sites that LaTerra spent years entitling, allowing QuadReal to immediately gain access to two of the best submarkets in Los Angeles.”
“Los Angeles is at the center of the ‘techtainment’ boom — the intersection of technology and entertainment — but apartment supply has failed to keep pace,” adds Charles Tourtellotte, CEO of LaTerra Development. “The Burbank and West Hollywood markets exemplify this trend, making these two projects excellent assets with which to seed the venture.”
The joint venture expects to break ground on the West Hollywood project before the end of the year. An estimated construction start date for the Burbank project and estimated completion dates for both projects were not released. The developer has not yet secured construction financing.
— Taylor Williams