Warner Center Apartments Sell for $163 Million

The Millennium in Woodland Hills, a recently finished 395-unit apartment complex, has sold for $163 million. The Warner Center property was purchased by TruAmerica Multifamily, a Los Angeles real estate firm, and Intercontinental Real Estate Corp., a real estate investment firm in Brighton, Mass. The seller was Dinerstein Cos., the developer that completed construction of the project in early 2015. The new owners plan to rebrand the property, located at 21021 W. Erwin St., with the name The Motif. “This asset checks all the boxes as a superior multifamily investment that will benefit greatly from the changes taking place in Warner Center,” TruAmerica Senior Managing Director Greg Campbell said in a statement. “The new zoning promotes a denser, more walkable and sustainable community. … 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.” The five-story property has a mix of one-, two- and three-bedroom apartments and amenities that include two swimming pools, a fitness center, a Wi-Fi lounge with coffee bar, a community garden, a dog park and a seven-story parking structure.