Developer BLDG Partners paid $39 million to acquire the remaining 52 live-work units at the Universal Lofts complex in Studio City, The Real Deal has learned.
AMI Real Estate built the 67-unit development in 2009, and has sold 15 units since opening. It’s been predominantly leasing the other units since.
Located across the street from the Universal Studios at 3450 Cahuenga Boulevard, the contemporary complex spans 12 mid-rise buildings with four to seven units per building. It has dual zoning for both live and work purposes, though most of the tenants use the townhomes for business purposes.
Rents for the units are around $5,000 per month for roughly 2,000 square feet of space.
Andrew Levant of Kennedy Wilson represented the buyer. Ilan Moshe at AMI represented the seller in-house.
BLDG Partners is wrapping up construction on the Seven, a collection of small-lot townhouses located near the Hancock Park neighborhood. The three- and four-bedroom homes average around 2,200 square feet, and are priced between $1.7 million and $2 million.