WOODLAND HILLS, CA-Real Estate Partners Inc. of Irvine has acquired the 250-unit Arbors at Warner Center apartment complex from Gateway Arbors LLC for $50 million and plans $3 million of improvements to the property. The Irvine-based buyer now owns and manages more than 5,700 apartment units.
The Arbors at Warner Center consists of 12 buildings situated on approximately 6.69 acres of landscaped grounds. Amenities include a large custom pool and sun deck, a clubhouse, a fitness center, a leasing office, two lighted championship-style tennis courts and controlled gate access.
Built in 1978, the complex has undergone renovations since 1996. The units include studios and apartments ranging from one to three bedrooms. Sizes range from 457 sf 1,125 sf.
According to Tom Thompson, president of Real Estate Partners, one of the reasons the company found the property appealing as an investment was its location in thecenter of Woodland Hills. The property is surrounded by approximately 1.3 million sf of office and retail space, restaurants, major employers and healthcare facilities. It is also near Pierce College and adjacent to the newly opened Metro Rail Orange Line's Warner Center Station.
Real Estate Partners plans to renovate and upgrade the complex via its Real Estate Partners Asset Management Services Inc., an affiliate company. The renovationplans include new exterior paint, renovation and redesign of the clubhouse, refurbishment of the pool and decking and the addition of upgraded pool furniture and barbecues for "more of a resort feel," Thompson says.
REP also plans to continue renovations on the unit interiors including adding washer/dryers and upgrading the kitchens as well as the appliances, adds Robert Warren, president of Real Estate Partners Asset Management Services.
The sale of the property was brokered by Sean Deasy, Spencer Scott and Scott Davies of CB Richard Ellis, who represented both the buyer and seller. Financing was provided through Capmark Finance Inc., formerly known as GMAC Commercial Mortgage.
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