WOODLAND HILLS, CA – Wood Partners, one of the nation’s leading multifamily developers, has sold Alta Warner Center – a 298-unit luxury multifamily community in the Warner Center submarket of Los Angeles to an institutional multifamily investor.
“The Alta Warner development came online at an ideal time,” said Frank Middleton, Wood Partners’ Western Region Development Director. “We were able to meet pent-up demand for luxury multifamily living in Los Angeles by developing a community that includes contemporary interior and exterior design elements, high-quality finishes and top-shelf amenities.”
Alta Warner opened in 2013 and is just completing lease up. Located in the Warner Center section of the San Fernando Valley, the property is surrounded by a cluster of healthcare, biotech, high-tech, and insurance employment opportunities. Burbank’s media-related job base is just 20 miles away.
Wood Partners purchased the four-plus acre property in 2011 and began leasing the luxury apartment community late last year. Alta Warner is one of the first of a wave of multifamily rental properties in a vibrant area hungry for new rental product after several years of stalled apartment development during the downturn, Middleton said.
Mike Murphy, a director in the California office of Moran & Company, represented the seller in the transaction. “Wood Partners’ award winning team developed a unique design that really appealed to both the Gen Y resident base and investors,” says Murphy. “Surrounded by top employers such as Anthem BlueCross, Health Net, and Farmers Insurance, the investment community recognized the strength of the area’s job story. Westfield’s $350 million development of the Village at Topanga will bring a new lifestyle amenity to one of LA’s top retail destinations and enhance Warner Center’s place as a vibrant urban center.”
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It ranks consistently among the top five multifamily developers in the country. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 49,000 homes with a combined value of more than $7.6 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit their website, www.woodpartners.com. For interviews, contact Genevieve Anton, Anton Communications, 714-544-6503 or firstname.lastname@example.org.