Developer Sells Project Still in Construction

Los Angeles real estate company Cityview announced the sale on Dec. 2 of Mira, a 174-unit multifamily development currently under construction in Woodland Hills. The Warner Center Opportunity Zone deal saw the firm shed the project for $70.5 million to Virtu Investments LLC.  “We believe this is one of the first Opportunity Zone sales of its kind, which is very exciting for Cityview and the buyer,” Cityview Chief Executive Sean Burton said in a statement. “While it is unusual that we would sell a property prior to completion, the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the Opportunity Zone program in an area that is experiencing high demand for new housing.” Located at 21425 Vanowen St., Mira apartments was originally acquired by Cityview in March 2016. The development company partnered with WPIC Construction LLC, Calabasas-based Ken Stockton Architects, Togawa Smith Martin Inc. and Burbank-based Nadia Geller Designs on the development of the in-progress project, which is expected to see completion in a few weeks. The Mira plan, which consists of studios, one-bedroom and two-bedroom units, will feature five stories of apartments over a podium, with subterranean and at-grade parking. Amenities will include a resort-style pool with a spa and cabanas, fitness center with Peloton bikes and yoga studio, outdoor terraces, Zen-inspired meditation spaces, co-working spaces, game and screening rooms, and even a virtual reality room. The Mira will also offer ample outdoor green space, including a putting green, garden, stretch and workout area, and seating and gathering spaces. The complex also has BBQ facilities and a lounge with fireplace. It was designed to qualify for LEED Silver certification, thanks to a 35,000-gallon harvesting system that captures all onsite rainwater and reuses it for landscaping irrigation. “Mira couples contemporary design with deluxe amenities to bring a modern, metro oasis to Warner Center,” Burton said. “The area has experienced significant growth in recent years, and Cityview is proud to help support the increased need for housing and take part in its revitalization with the addition of Mira.” “We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” added Virtu Investments Managing Partner Michael Green. “It’s especially gratifying to be able to provide residents of Warner Center a truly premium apartment community with convenient access to excellent public transportation, at rent rates that are significantly more affordable than most commuter suburbs of Los Angeles.” Eastdil Secured’s Joseph Smolen and Mark Peterson represented Cityview in the transaction.