LOS ANGELES—The Warner Center 2035 plan isfueling multifamily investment in the WoodlandHills submarket. In an earlier story, GlobeSt.com reported thatTruAmerica Multifamily purchased theMillennium Woodland Hills, a newly built 395-unitapartment complex, for $163 million. The developer is citing theWarner Center 2035 plan, which increases density and emphasizestransit-oriented development, as the impetus for theinvestment.

"I think this is really about the story of Warner Center andwhat is happening in that submarket," MarkEnfield, chief administrative officer at TruAmericaMultifamily, tells GlobeSt.com. "You have a very high averagehousehold income there as home prices are over $700,000 on average,and you have tremendous job growth and the new Westfield Mall,which is less than a mile away." The property is located within theWarner Center district, and was built by the DinersteinCompanies in early 2015.

Although the property is newly built, it is seeing 50 move insper month, which illustrates the high demand for this type ofamenitized mixed-use product. "The millennials and the folks thatlive and work in the area want walkability to their jobs and retailand entertainment near high-quality housing," adds Enfield. "It ishard to find another submarket in the Los Angeles area that haswhat Warner Center has. We believe in this submarket and itsurbanization plans that will continue to drive rental housingdemand. We are really excited about it."