Houston-based The Dinerstein Companies has acquired Panavision’s Warner Center home where a Malibu developer had long planned to build a new multifamily community.

The Texas apartment developer purchased the more than 10-acre site from

REW De Soto Partners—a limited liability company through which Malibu developer Richard Weintraub sought to build the apartment project.

The sales price for 6219 De Soto Ave. was not disclosed. Principals John Battle and Craig Stevens of Lee & Associates – LA North/Ventura Inc. represented both parties in the transaction.

The property is entitled for 395 market rate apartments and 312 senior units.

Dinerstein plans to begin construction this month on a portion of the project, said Josh Vasbinder, a vice president with Dinerstein.

Vasbinder said his company acquired the property to only build the 395 apartments and that REW retains an option to regain ownership of the three acres that are entitled for senior units.

Weintraub did not return a message left at his office.

“We are really excited about the future of the Warner Center-Woodland Hills area, and we certainly want to be a part of that,” Vasbinder said, referring to efforts to create a pedestrian oriented, mixed-use hub in the neighborhood.

Dinerstein will demolish Panavision’s current headquarters once the camera maker moves down the road into a 145,000 square-foot-building at 6101 Variel Ave, Vasbinder said.

A Panavision spokeswoman said the move is planned for August.