LOS ANGELES, CA – Wood Partners, a national leader in real estate development and acquisition, announced today the grand opening of The Fifty Five Fifty in Los Angeles, California. The new 280-unit community is located at 5550 Hollywood Boulevard, between historic Hollywood and vibrant Los Feliz.

“The Fifty Five Fifty is conveniently located in East Hollywood where residents can delight in iconic Hollywood while taking advantage of the emerging arts and cultural scene in dynamic Los Feliz,” said Brian Hansen, Development Director for Wood Partners in Southern California. “We are adjacent to the metro and in close proximity to Griffith Park and Griffith Observatory, making The Fifty Five Fifty an ideal community for young professionals and families looking to delight in the best Los Angeles has to offer.”

The Fifty Five Fifty features over 3000 square feet of gym and fitness space, open courtyards and outdoor fireplaces, a pool and spa, workout facilities, a theater room and stunning views of the city. Residents will also delight in simple access to prime retail and shop from the ground floor of the community. The facade of legendary 1920’s-era Falcon Studios building – where the original Zorro star, Errol Flynn, taught fencing lessons – has been integrated into the design of this distinctive community.

The Fifty Five Fifty has a unique program from Wood Partners, called The Ground Floor Project. The Ground Floor Project has worked with Chalk Repertory Theater to make a space where Los Angeles based writers can write and produce interactive performances within the space. As The Ground Floor Project continues to evolve at the community, residents can expect to be immersed in the monthly culture, arts, music and entertainment events just steps from their apartment home door.

The community offers residents luxury finishes, modern conveniences, and simple access to urban living in a setting that retains Hollywood’s unique character and charm. Positioned in East Hollywood, residents will delight in less commute times and simple access to all that the area offers. The Fifty Five Fifty features studio, one-, two- and three-bedroom floor plans that range from 480 square feet to over 1,200 square feet.

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CHANDLER, AZ – Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of The Met at Fashion Center, a three-building, 303-unit multifamily investment property in Chandler, Arizona. The property sold for $64.8 million, which equates to $213,861 per unit.

“The Met at Fashion Center’s location is ideal for professionals delaying home buys to live in urban settings where they can work and socialize within a small distance of home,” said IPA’s Steve Gebing. “Despite above average household incomes of more than $96,000 in the area, residents of Chandler living within a one-mile radius of The Met at Fashion Center face single-family home prices that are 59 percent higher than the city of Phoenix average.”

Gebing and Cliff David, also with IPA, represented the sellers, HCW Development and the Statesman Group, and procured the buyer, an institutional investment manager.

Built in 2016, The Met at Fashion Center is adjacent to the Chandler Fashion Center, a 1.3 million-square-foot super regional shopping mall. The location provides immediate access to the Price Corridor, which accounts for nearly one-third of the city’s total employment base. Chandler Regional Medical Center is three miles away, and Downtown Chandler is within four miles.

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WAKE FOREST, NC -Waypoint Residential, a vertically integrated real estate investment firm focused on the U.S. rental housing sector, announced that it has bought Capital Creek at Heritage, a new 214-unit class A apartment community located in Wake Forest, North Carolina.

Since 2011, Waypoint has invested in approximately 3,000 units representing 13 conventional multifamily and student housing properties throughout North Carolina.

“Capital Creek at Heritage is a terrific addition to our diversified portfolio of conventional multifamily, student housing and senior housing properties,” said Scott Lawlor, Chief Executive Officer, Waypoint Residential. “This acquisition demonstrates Waypoint’s ability to capitalize on compelling opportunities across the risk spectrum.”

Capital Creek at Heritage is a garden-style property located 15 miles north of downtown Raleigh in the Heritage at Wake Forest master plotted community. This neighborhood provides residents with highly ranked schools, parks, an array of restaurants and retail, greenway linked trails and bike paths, as well as golf, swim and tennis clubs. The location offers convenient access to the Research Triangle Park and employment and entertainment centers in and around the Raleigh-Durham and metro areas.

Raleigh-Durham has consistently ranked among the nation’s fastest growing metro areas. The Research Triangle Park, a key driver for the market, is the number one research park in the United States and is comprised of more than 250 companies across a diverse array of industries.

“Raleigh-Durham is a dynamic and thriving MSA, and one of our highest ranked markets due to its outstanding demographic profile and fundamentals,” said Jeremy Pemberton, Chief Acquisition Officer, Waypoint Residential. “We expect to continue to be very productive in the area for both acquisitions and development projects.”

Michael Bippus, Managing Director, oversees Waypoint’s acquisitions efforts in the region.

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