Los Angeles-based real-estate investment firm TruAmerica Multifamily has shelled out $163 million to buy a newly constructed 395-unit luxury apartment community in the Warner Center district of L.A., it said Tuesday.
The complex, known as the Millennium in Woodland Hills, was purchased in partnership with Intercontinental Real Estate Corporation.
Former owner, the Dinerstein Companies, finished construction on the apartments early last year. The five-story multi-family property has a mix of one, two and three-bedroom homes as well as two swimming pools, a fitness center, a community garden, a dog park and a seven-story parking facility.
TruAmerica said it would rebrand the complex as the Motif.
The deal is just the latest in a string of transactions spurred by a recent rezoning in the area. Last year, the City Council signed off on the zoning, allowing for up to 30 million square feet of commercial space in Warner Center, twice the amount that currently exists.
“This asset checks all the boxes as a superior multifamily investment that will benefit greatly from the changes taking place in Warner Center,” said Greg Campbell, TruAmerica’s senior managing director of acquisitions. “The new zoning promotes a denser, more walkable and sustainable community by promoting more mixed-used, transit oriented development similar to the changes taking place in Hollywood and Downtown LA.”
The acquisition was financed with a 10-year fixed rate loan, arranged by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets. – Katherine Clarke