John Battle of the Sherman Oaks office of Lee & Associates, who represented both the buyer and the seller along with Craig Stevens of Kosmont Realty in Los Angeles, tells GlobeSt.com that the apartment developer and investor will redevelop the studio site in a project slated to begin in about a year. The complex is expected to be ready for occupancy in early 2005.

Battle says Archstone has received all the approvals required by the City of Los Angeles to build the project, which will be one of the largest undertaken in the San Fernando Valley in recent years. The apartments will take shape on a Ray-Art lot that has been used for TV, commercials, music videos and movie production. It has been the home of the hit WB television production "Charmed" for the past five years.

To be designed by Architects Orange of the city of Orange, the apartment project will contain a mix of one-, two- and three-bedroom units with what Battle describes as "upscale deluxe appliances and computer niches," among other features. The new community will feature abundant common-area amenities, such as fully equipped fitness centers, pool, spa and club buildings that will include resident business centers and customer service. Rents are projected to be about $2 per sf.