LOS ANGELES, CA - TruAmerica Multifamily, in partnership with Intercontinental Real Estate Corporation (Intercontinental), has acquired The Millennium in Woodland Hills, a recently constructed 395-unit luxury apartment community in the Warner Center district of Los Angeles, in a transaction valued at $163 million.
Completed in the first quarter 2015 by the Dinerstein Companies, The Millennium, which the new ownership will rebrand as The Motif, is the first LEED Gold Certified apartment development in the area. The five-story multifamily property offers a mix of one-, two- and three-bedroom floor plans along with a variety of resort hotel-style amenities, including two swimming pools with aqua lounges, 24/7 clubhouse, fitness center, Wi-Fi lounge with coffee bar, community garden, dog park and a seven-story parking structure. With an average size of 1,061 square feet, the units have features more typical of high-end for-sale residences such as 10’ – 12’ ceilings, kitchen islands, slab granite countertops, and side-by-side refrigerators.
Located at 21021 W. Erwin Street, The Motif is situated on a seven-acre site in heart of Warner Center. Home to many of the country’s largest healthcare and financial service firms such as Anthem, Health Net, Farmer’s Insurance and AIG, Warner Center is the economic hub of the San Fernando Valley.
“This asset checks all the boxes as a superior multifamily investment that will benefit greatly from the changes taking place in Warner Center,” said TruAmerica Senior Managing Director of Acquisitions Greg Campbell referring to the recent passage of the Warner Center 2035 Plan. “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 plan has already spurred projects such as Westfield’s new Village at Topanga, now the third largest retail mall in the United States, which is within walking distance from The Motif.”
This is the sixth multifamily acquisition in Los Angeles County for TruAmerica, and the second largest single asset purchase for the Los Angeles-based real estate investment firm. In August 2014, TruAmerica acquired the 464-unit Vermont high-rise apartment complex on Wilshire Boulevard in Koreatown for $283 million. The acquisition also represents TruAmerica’s sixth joint venture with Intercontinental, encompassing approximately 1,700 units.
“The lease up rate of 50 move-ins per month speaks to the demand for this type of product in the marketplace as well as its future rent growth potential,” said Jessica Levin, Director, Acquisitions for Intercontinental.
The acquisition was financed with a 10-year fixed rate loan, arranged by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
About TruAmerica Multifamily: TruAmerica Multifamily is a vertically integrated value-add multifamily investment firm based in Los Angeles. Founded in July 2013 as a joint venture between Robert Hart and The Guardian Life Insurance Company of America, TruAmerica has been one of the country’s most active multifamily investors and manages a $5 billion portfolio of more than 25,000 units across prime locations throughout Northern and Southern California, Washington, Oregon, Colorado, Arizona, Nevada and Utah. For more information on TruAmerica Multifamily, visit www.truamerica.com or call (424) 325-2750.
About Intercontinental Real Estate Corporation: Intercontinental Real Estate Corporation is an SEC registered investment adviser with expertise in real estate investment, development, asset management, and construction management. Since inception in 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.Intercontinental.net