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Los Angeles-based LaTerra Development and Vancouver-based QuadReal Property Group have formed a joint venture to invest $250M to develop and operate multifamily properties in Los Angeles and across Southern California.
The companies formally announced the JV formation Wednesday, after completing two land acquisitions in Los Angeles.
The JV has acquired a property at 777 North Front St. in downtown Burbank, where it said it plans to develop a 573-unit apartment site, 69 of which will be affordable housing. According to commercial real estate data site Reonomy, the JV purchased the Burbank land site for $40M in May.
The JV said it also plans to develop a 71-unit apartment home at 7617 Santa Monica Blvd. in West Hollywood. Eleven of those units will be reserved for affordable housing. The venture is expected to break ground on the former car wash site later this year.
“Los Angeles is at the center of the 'techtainment' boom, the intersection of technology and entertainment, but apartment supply has failed to keep pace," LaTerra CEO Charles Tourtellotte said in a statement. "The Burbank and West Hollywood markets exemplify this trend, making these two projects excellent assets with which to seed the venture.”
QuadReal Managing Director Tim Works said partnering with LaTerra allows his company "to immediately gain access to two of the best submarkets in Los Angeles.”
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