NoHo’s Studio 77 Sells for More Than $450,000 a Unit

Studio 77, a year-old North Hollywood apartment complex, sold for $72 million to a Virginia real estate investment trust, according to the company. AvalonBay Communities Inc. in Arlington bought the 156-unit complex at 5077 Lankershim Blvd. in the heart of the NoHo Arts District for about $462,000 a unit from Chandler Pratt & Partners in Burbank and Amstar in Denver. Studio 77 has five stories and is a mix of studios and one- and two-bedroom units. The complex also includes about 11,000 square feet of retail space and sits about four blocks from the public train station. AvalonBay, which buys, develops and manages apartment complexes, reported the purchase in its third-quarter earnings report.