HOLLYWOOD-DLJ Real Estate Capital Partners of New York City has acquired BLVD 6200, a project formerly planned by the Clarett Group, also of New York City, which calls for more than one million square feet of apartments and 160,000 square feet of retail space on Hollywood Boulevard. The project is located one block east of the intersection of Hollywood Boulevard and Vine Street, adjacent to the Pantages Theater, on a 7.3-acre site controlled by the Nederlander family. DLJ RECP acquired the project directly from the seller in an off-market transaction, terms of which were undisclosed.

Jay Glaubach, a VP in DLJ RECP's Los Angeles office, cited “sustained rent growth and strong demand for high-quality apartments” in Hollywood, particularly new units. He said that DLJ RECP will initially develop phase one of the project, consisting of 535 apartments, with 50 of the units designated for moderate-income families. Phase one will also include 75,000 square feet of retail space and over 1,300 parking spaces. No specific date was announced for construction to begin, but DLJ said that it anticipates that demolition and construction of the first phase will commence in the very near future.

The second phase of the project will be held for future development. Both phases of BLVD 6200 were fully entitled by the Clarett Group before DLJ bought the project. Frank Stephan, the head of the Clarett Group’s west coast operations, will continue to oversee the project as the head of Clarett West Development, a new entity formed with DLJ RECP to manage the project.