Warner Center Drives Multifamily in the Valley

LOS ANGELES—The Warner Center 2035 plan is fueling multifamily investment in the Woodland Hills submarket. In an earlier story, GlobeSt.com reported that TruAmerica Multifamily purchased the Millennium Woodland Hills, a newly built 395-unit apartment complex, for $163 million. The developer is citing the Warner Center 2035 plan, which increases density and emphasizes transit-oriented development, as the impetus for the investment.

“I think this is really about the story of Warner Center and what is happening in that submarket,” Mark Enfield, chief administrative officer at TruAmerica Multifamily, tells GlobeSt.com. “You have a very high average household 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 the Warner Center district, and was built by the Dinerstein Companies in early 2015.