An Irvine developer is about to start construction on a massive Woodland Hills apartment complex where the white-domed Jehovah’s Witnesses Assembly Hall once stood. Sares-Regis Group plans to break ground on its 340-unit luxury complex on Ventura Boulevard in mid-April, something several developers had previously attempted, only to be stymied by the economic downturn. The new project will consist of apartments ranging from 565-square-foot studios to 1,634-square-foot, three-bedroom units. The historic Santa Monica Mountains hillside location at 20600 Ventura Blvd. has expansive views extending across the Valley. “You can see all the way to the San Gabriel Mountains,” said Mike Winter, senior vice president of development at Sares-Regis. “I don’t believe there are other sites that even come close.” The hall was formerly the home of the Valley Music Theatre, which opened in 1964. It was later purchased by the Jehovah’s Witnesses and used for decades as a place of worship. A previous developer demolished the building several years ago, and the property changed hands numerous times as one developer after another attempted to build a multifamily community on the property. The Troxler Group and Lehman Bros. purchased the site in 2006 for $25 million. Troxler planned 355 condominium units and 18,000 square feet of retail, but sold the property in 2007 to JPI Development for $48 million. When the real estate market crashed, the property fell into default. Integral Communities purchased the property from Bank of America in 2009 for $14 million, according to CoStar Group Inc., a Los Angeles-based real estate data provider. Sares-Regis picked it up two years later for about $32 million, according to CoStar. The Sares-Regis project will have a two-level fitness center, a sports bar/media lounge and a pool and spa with private cabanas and lounge seating. Several live-work units and 6,000 square feet of retail space also are planned for the new community. Winter said rents will range from about $1,600 to $2,700 per month. Residents should be able to move in toward the end of October 2013, he added. Principal Craig Stevens of Lee & Associates-L.A. North/Ventura Inc., who handled several of the sales transaction for the property in recent years, said the Sares-Regis project should come online before other nearby apartment projects are completed and after others that are under construction are leased. “They should be coming on at a great time with very little competition,” he said. Home Décor Firms Move to Simi Valley Sister companies Port to Port Import Export Inc. and Siena Floral Accents Inc. have moved from Valencia to Simi Valley after purchasing a 186,726-square-foot industrial property for $12.3 million. The home décor distribution companies, which have common ownership, purchased the property at 3935-3949 Heritage Oak Court from Invesco. Siena Floral moved into the building about a month ago and Port to Port completed its move in late March. About 20 employees between the two companies made the move, said Siena Vice President Verand Zarifian. Senior Executive Vice President John DeGrinis, Associate Vice President Patrick DuRoss and Senior Associate Jeff Abraham of Colliers International represented the buyer. Vice Chairman Barbara L. Emmons, First Vice President Bob Kahn and Senior Associate Billy Walk of CBRE Group Inc. represented the seller. The Class A building was built in 1999 and was vacant when the deal closed, DeGrinis said. The deal “bodes well” for Simi Valley, which has struggled with the abundance of larger, vacant industrial properties, he said. Los Angeles Real Estate Group To Rennovate Three Valley Apartment Complexes In a bid to renovate several aging apartments, California Landmark Group has acquired a three-building apartment portfolio in the San Fernando Valley that totals 112 units The Los Angeles-based development and investment company purchased the Encino and Tarzana apartments for more than $15 million. The company said it plans to “reposition the properties and attract high end tenants,” by renovating the complexes. The three properties — built between 1959 and 1962 — are located at 5445 Lindley Ave., 5239-5305 Lindley Ave. and 5168 Yarmouth Ave. The portfolio also comes with existing entitlements that will allow for the construction of 144 new units, California Landmark said. Staff Reporter Andrew Khouri can be reached at [email protected]. or at (818) 316-3124