Morgan Enters LA With $30M Project

Morgan, which is based in Houston and San Diego, is building the five-story project at the southeast corner of Canoga Avenue and Erwin Street in a joint venture with Ameriton Properties of Denver. Louis Kuntz, Morgan's executive vice president for development, notes that the company has been active in the San Diego and Orange County real estate markets since 1995, but this is its first venture in the Los Angeles market.

The development is on a 2.3-acre site and is scheduled to be completed in spring 2004. The site, cleared last fall, previously housed a condemned 30-year-old, two-story office building that had been vacant since the Northridge earthquake in 1994.

Warner Pointe will include 78 one-bedroom units and 58 two-bedroom units, ranging from 750 sf to 1,125 sf, with monthly rents projected at $1,400 to $2,200.

The units will include living and dining areas, dens, formal dining rooms, walk-in closets, patios and balconies, individual washers and dryers and high-speed Internet access. The new development will feature a clubhouse with a sports pub and party room; business center with Internet access computers, fax machine, computer software and a periodicals library; a 24-hour fitness facility; media room and gourmet coffee bar.

An outdoor plaza and common grounds will feature a resort-style swimming pool with whirlpool spa and poolside stainless steel gas grills. The property also will offer community-oriented concierge services, such as weekly continental breakfasts, planned monthly resident activities, theater and event bookings and other services.

The architect for the project is Architects Orange of Orange, CA. Morgan Construction Co. is the general contractor. The Morgan Group Inc. will lease and manage the property.Morgan, one of the largest apartment development companies in the country, started construction on approximately 2,000 units in 2002.