Legacy Plans $60M Apartments

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

HOLLYWOOD-Legacy Partners has unveiled plans to build a 183-unit, five-story apartment complex with 13,000 sf of ground-floor retail space at 7950 W. Sunset Blvd. The $60-million project will occupy a site, now a parking lot, for which Legacy has signed a long-term ground lease with the Director’s Guild of America.Legacy expects that the five-story complex will be open for occupancy in mid-2007. The development site is along Sunset Boulevard at Hayworth Avenue, with views of the Hollywood Hills and Downtown Los Angeles.The apartment units will include single-story flats and townhomes ranging from 591 sf to 1,238 sf, with both restaurants and shops expected to occupy the 13,282 sf of retail space on Sunset Boulevard. Apartment rents are expected to range from $1,750 to $3,400 for the 28 studios, 81 one-bedrooms and 74 two-bedroom units.In addition to the apartments and the retail space, the project will include three levels of parking for residents, guests, retail customers and Director’s Guild use as well as two levels of privately controlled access subterranean parking for residents.Other features will include a 7,000-sf clubhouse, a sports lounge with plasma televisions, an elevated swimming pool with spa, cabanas and a sundeck, four rooftop sky terraces, a business center with computers and Internet access and a conference room for business or personal meetings. A 3,100-sf health center will include fitness equipment with attached television monitors, an aerobics/yoga floor, wet and dry saunas, a locker room and a service bar.J.J. Abraham, VP of development for Legacy Partners’ Irvine office, notes that the project team for the 7950 W. Sunset development includes Legacy Partners Residential Inc. as developer, Legacy Partners Builders Inc. as general contractor, AIG Global Real Estate as financial partner, lender Guaranty Bank, Thomas P. Cox Architects Inc. for architecture, HRP Landdesign for landscape design, Fuscoe Engineering for civil engineering and Faulkner Design Group for interior design.