(Mark Your Calendars: RealShare Apartments 2011, October 20 in Los Angeles).
WOODLAND HILLS, CA-Sares-Regis Group plans to develop a 340-unit apartment complex here that it expects to have ready for occupancy in October 2013. Called Infinity, the project is slated to be built on the site of a scrapped condominium development on Ventura Boulevard two blocks from the Desoto Avenue off-ramp of the 101 Freeway.
Bill Montgomery, president of Sares-Regis Group’s Multifamily Acquisitions for Investment & Development Division, said in an announcement regarding the project that Sares-Regis bought the site in an off-market agreement from a seller who had purchased the property at auction. Earlier development plans for the property as a for-sale condominium community were not completed as a result of the economic downturn, he says.
“After more than a year of negotiations to acquire this entitled site, we are eager to get started on construction drawings and move quickly for a groundbreaking in January,” Montgomery says. He notes that the site has panoramic views of the San Fernando Valley, with a nature preserve behind it.
After buying the property at auction the previous owner spent months modifying the entitlement by working closely with community residents and the City of Los Angeles. The entitlement was received in May, clearing the way for apartments and maintaining the original 340-unit allocation, Montgomery says. Infinity-Woodland Hills will utilize a “wrap” design in which the apartment building surrounds and conceals the parking structure to enhance the exterior’s appearance and maximize resident views.
Montgomery notes that, “The recession virtually stopped new development over the past two years. There are few new apartments in the pipeline and a large group of ‘Gen Y’ potential residents entering the rental pool and fueling demand for apartments. Occupancies are up and some markets are seeing rental growth. We are confident Infinity will become a high demand community in this market environment.”
Joining Sares-Regis in the venture to buy and build the project is the company’s longtime partner, UBS.
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