LOS ANGELES—TruAmerica Multifamily and Intercontinental Real Estate Corp. have purchased the Millennium Woodland Hills for $163 million in their final acquisition of the year. Built in 2015, the class-A 395-unit multifamily property is a bit of a divergence from the firm’s typical value-add, class-B strategy, but illustrates the firm’s interest in buying stabilized, core assets when the opportunity is right.

“We opportunistically barbell our portfolio with core or core-plus deals, and this fit that profile,” Mark Enfield, chief administrative officer at TruAmerica Multifamily, tells GlobeSt.com. “We thought it was an excellent location and the price per pound was really good for this submarket, where there is extremely high demand. Additionally, the Warner Center 2035 plan, we think, is going to continue to transform the community into an urban hub that will drive job growth in the area and demand for higher quality rental housing.”

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