Western National Plans 202 Units

NORTHRIDGE, CA-Western National Realty Advisors' Fund I has acquired a 2.4-acre parcel for a new 202-unit complex to be named Boulevard Apartments. The project, which will occupy a site that Western National Fund I bought from a private investor, will face Reseda Boulevard between Plummer Street and Vincennes Street.Stephen Duffy, COO of Western National, tells GlobeSt.com that the developer expects to begin construction in April and to deliver the units beginning in February 2008. The one-building complex will include 121 one-bedroom, one-bath units and 81 two-bedroom, two-bath apartments.To be designed by Architects Orange and built by Western National Contractors, the project will feature a pool, a spa and a fitness facility. It will be the second investment by Fund I, which also owns the Monterra Apartments, a 133-unit property in Anaheim. Rex DeLong, president of Western National Realty Advisors, says the company's Fund I is looking for additional properties in Southern California.The Monterra property in Anaheim was an existing complex and the Northridge project will be ground-up construction, DeLong notes, pointing out that the investment fund is in the market for existing multifamily projects, raw land and joint ventures.Fund I was created with capital from individual investors and will invest in the Southern California apartment sector for the long term, according to DeLong. He says the company is structuring several other funds that will be offered to private individuals, institutional investors, family offices and university endowments.Western National Realty Advisors is the development and acquisition arm of Western National Group, which also includes Western National Property Management and Western National Contractors.