HFF secures $27.19 million in joint venture equity for Class A multifamily development in Hollywood

The Los Angeles office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged joint venture equity on behalf of JPI, Inc. for Jefferson at Hollywood, a Class A multifamily development in Hollywood (Los Angeles), California.

HFF senior managing directors Paul Brindley and Doug Bond and managing directors Todd Sugimoto and Mark Wintner represented JPI, a national multifamily development firm with a $13.7 billion institutional track record. Fidelity Real Estate Group provided the $27.19 million in joint venture equity for the project.

Upon completion in 2010, Jefferson at Hollywood will have 271 residential units averaging 881 square feet each, 8,500 square feet of ground-level retail space and a subterranean 755-space parking garage. Amenities at the new complex will include a full-service business center, clubhouse with concierge services, movie theatre, pool, jacuzzi, outdoor grill area, lounge area and fitness center. Jefferson at Hollywood is located on Highland Avenue adjacent to Hollywood & Highland, an entertainment center that houses the Kodak Theatre. The property is also within 500 feet of the MTA Red Line Station, which provides access to downtown Los Angeles and the San Fernando Valley.

“Despite ongoing redevelopment efforts in Hollywood, multifamily development in the area has been limited to less than 1,500 units since 1995, accounting for approximately 2% of current inventory,” said Sugimoto. “Jefferson at Hollywood will provide much needed rental housing in an area that is extremely underserved by modern multifamily product.”

Founded in 1989, JPI is dedicated to “Building Quality for Our Customers” and committed to making quality investments and providing the highest level of real estate services. JPI operates regional offices in Irving, Texas; Washington, D.C.; Carlsbad, California; New York; Boston; and Atlanta. JPI is one of the nation’s largest and most successful multifamily real estate firms with 1,500 associates, providing acquisition, development, construction and asset management services for conventional multifamily and student living communities nationwide. JPI also provides property management and leasing services for over 40,000 multifamily units across the United States and is the preferred multifamily property manager for RREEF Asset Management Group.

Fidelity Real Estate Group pursues value-added real estate investment opportunities throughout the U.S. on a fully discretionary basis for its managed funds. The Fidelity Real Estate Group is a division of Pyramis Global Advisors, a Fidelity Investments company. Fidelity Real Estate Group manages in excess of $12 billion on behalf of institutional and accredited individual investors as of March 31, 2008