LOS ANGELES—TruAmerica Multifamily andIntercontinental Real Estate Corp. have purchasedthe Millennium Woodland Hills for $163 million intheir final acquisition of the year. Built in 2015, the class-A395-unit multifamily property is a bit of adivergence from the firm's typical value-add, class-B strategy, butillustrates the firm's interest in buying stabilized, core assetswhen the opportunity is right.

"We opportunistically barbell our portfolio with core orcore-plus deals, and this fit that profile," MarkEnfield, chief administrative officer at TruAmericaMultifamily, tells GlobeSt.com. "We thought it was an excellentlocation and the price per pound was really good for thissubmarket, where there is extremely high demand. Additionally, theWarner Center 2035 plan, we think, is going to continue totransform the community into an urban hub that will drive jobgrowth in the area and demand for higher quality rentalhousing."

Located at 21021 W. Erwin Street, the property was built tocondo specifications with community amenities that include twoswimming pools with aqua lounges, 24/7 clubhouse, fitness center,Wi-Fi lounge with coffee bar, community garden, dog park and aseven-story parking structure. "This is a new beautiful building,probably the nicest in the submarket, with hotel-style amenities,"adds Enfield. "It was built to condo spec, and you really feel likeyou are in a condo property more than a rental property." Notsurprisingly, TruAmerica will not be investing any additionalcapital into the already class-A asset; however, the property willbe rebranded as the Motif.