Capital Foresight Leases Hollywood Property to AMDA for 12 Years
- Jul 16, 2008
By Anuradha Kher, Online News EditorHollywood, Calif.–The American Musical and Dramatic Academy (AMDA) has signed a 12-year master lease valued at more than $13 million for a 69-unit historic apartment building in Hollywood, Calif.Capital Foresight bought the brick building, built in 1928, and conducted historically sensitive renovations on it including interior upgrades such as finishes and plumbing. Located at 6400 Franklin Ave., the building features 60 one-bedroom units and nine studios. It will accommodate 150 students. “A master lease, in which a tenant is 100 percent responsible for the rent as well as the property upkeep, is always better than, for instance, having 69 different rent checks coming in,” Christopher Bonbright, CEO of Ramsey-Shilling, AMDA’s broker and real estate advisor, tells MHN. “This was perfect for Capital Foresight because it doesn’t involve any of those hassles. For AMDA, it offered a beautiful residential building right next to its campus.”Students will start moving into the building in September this year.