Chicago apartment developer Equity Residential has acquired The Hesby, a 308-unit upscale apartment building in North Hollywood, for $126 million.
The real estate investment trust purchased the property from Alliance Residential Co. of Phoenix and Prudential Insurance in Chicago, which developed the building last year at a cost of about $50 million, not including last costs.
The sale closed last month and was disclosed in a regulatory filing by the REIT this week. It was the largest multifamily deal in nearly two years in the greater Valley, according to real estate data firm CoStar Group Inc.
The 5031 Fair Ave. complex near the NoHo Arts District features top-notch amenities, including two outdoor courtyards with pool, elevated hot tub, outdoor barbecue and fireplace, vinyl couches and movie projector with 90-square-foot screen.
The building also has a writers’ café with complimentary Wi-Fi, a yoga studio and fitness center with TRX Suspension Training. There’s even an indoor recording studio with insulated walls.
Units feature stainless steel appliances, 9-foot ceilings, washers and dryers, stone kitchen counter tops, USB charging stations, wood flooring and under-the-counter wine coolers.
Rents at Hesby start around $1,800 for a studio and more than $2,700 for a two-bedroom.
Equity Residential owns or has investments in 396 properties consisting of over 111,000 apartments, including about 15 buildings in the greater San Fernando Valley.