WOODLAND HILLS, CA—Developer Wood Partners hassold Alta Warner Center, a 298-unit luxurymultifamily property, to an unnamed institutionalmultifamily investor, GlobeSt.com reports exclusively. The propertytraded hands for an undisclosed amount; however, industry sourcesunrelated to the deal estimate that the value is north of $70million.

According to Wood Partners, the property came online at theperfect time, when demand for luxury rental units in the submarketis at its highest. “Wood Partners has been really successful withtheir merchant-build strategy, and with bringing on great productswith great timing in Southern California Given the job base and thegrowth of Warner Canter, we feel that this is a win,” KevinMerchant, director at Moran & Co.,tells GlobeSt.com. Mike Murphy, a director atMoran & Co., represented Wood Partners in the transaction, butis currently traveling and unable to comment on thetransaction.

The property generated high interest from potential buyersthroughout the West Coast. According to both Merchant and Murphy,the property's close proximity to employment centers and the $350million Westfield shopping center developmentcurrently under construction helped to generate interest.Additionally, the city recently passed the Warner Center 2035 Plan,which requires any new projects to include 15% of open space andcommercial components. This could hinder any new multifamilyconstruction in the foreseeable future.