Archstone Plans $125M Apartment Complex

WOODLAND HILLS, CA-The Archstone-Smith Trust of Englewood, CO, has acquired an 11-acre site at 6625 Variel Ave. in Warner Center from Papazian-Hirsch LLC of Warner Center, owners and operators of the Ray-Art television studios complex. The build-out plan calls for a $125-million, 522-unit multifamily development.

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.