LOS ANGELES—The Warner Center 2035 plan is fueling multifamily investment in the Woodland Hills submarket. In an earlier story, GlobeSt.com reported that TruAmerica Multifamily purchased the Millennium Woodland Hills, a newly built 395-unit apartment complex, for $163 million. The developer is citing the Warner Center 2035 plan, which increases density and emphasizes transit-oriented development, as the impetus for the investment.

"I think this is really about the story of Warner Center and what is happening in that submarket," Mark Enfield, chief administrative officer at TruAmerica Multifamily, tells GlobeSt.com. "You have a very high average household income there as home prices are over $700,000 on average, and you have tremendous job growth and the new Westfield Mall, which is less than a mile away." The property is located within the Warner Center district, and was built by the Dinerstein Companies in early 2015.

Although the property is newly built, it is seeing 50 move ins per month, which illustrates the high demand for this type of amenitized mixed-use product. "The millennials and the folks that live and work in the area want walkability to their jobs and retail and entertainment near high-quality housing," adds Enfield. "It is hard to find another submarket in the Los Angeles area that has what Warner Center has. We believe in this submarket and its urbanization plans that will continue to drive rental housing demand. We are really excited about it."

TruAmerica purchased the property with Intercontinental Real Estate Corp. "This is our sixth deal with Intercontinental," says Enfield. "They have been a great partner for us and they share a very similar investment philosophy, so we are happy to be doing another deal with them."