Fairfield JV Plans 500 Multifamily Units

WOODLAND HILLS, CA-Fairfield Residential and the California State Teachers Retirement System plan to develop 264 apartments and up to 254 condominiums on an 11-acre site at 6301 DeSoto Ave. It will be part of Warner Center, which the JV bought recently from Las Vegas-based Pacific Properties.John Battle of the Sherman Oaks office of Lee & Associates, who represented the buyer in the land deal, tells GlobeSt.com that the developers expect to begin construction by this summer on the first phase of the project.The development entity is Fairfield Warner LLC, a partnership between CalSTRs and Texas-based Fairfield Residential, which is developing the project out of Fairfield's San Diego office. Seller Pacific Properties was represented by Craig Stevens of Lee & Associates' Sherman Oaks office, Lyn Fields of Madison Partners and Stuart Taylor of Taylor Advisors.The first phase of the project is expected to be ready for occupancy in late 2007. Construction of the second phase is expected to start in early 2007 and to be ready for occupancy in late 2007.The units will average about 1,100 sf and will be in floor plans of two and three bedrooms in eight four-story buildings that will surround two parking structures. Battle notes that the development is the third project of its size to break ground within the past year in Warner Center.The project will include the demolition of approximately 189,000 sf of single-story buildings now occupying the site. In addition to the apartments and condominiums, the development will feature a long list of amenities such as a fitness center, a swimming pool, community rooms and other features.