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Saturday, Sep 23, 2023

Luxury Warner Center Apartments Sold

A $75 million Warner Center luxury apartment building that opened less than a year ago has been sold to an undisclosed institutional investor, parties involved in the deal said Friday. The 298-unit Alta Warner Center at 6701 Eton Ave., which opened in November, was sold by Wood Partners of Atlanta, the original developer, according to Mike Murphy, director in the Irvine office of Moran & Co., which represented Wood Partners. The price was not disclosed. The building is a mix of one- and two-bedroom apartments and is adjacent to the Metro Orange Line busway. The building is marketed toward young professionals interested in a more urban, walkable lifestyle. Monthly rents ranged from $1,550 to $2,900 at opening. Frank Middleton, western region development director for Wood Partners, said the development “came on at an ideal time,” paving the way for the sale. “We were able to meet pent-up demand for luxury multifamily living in Los Angeles by developing a community that includes contemporary interior and exterior design elements, high-quality finishes and top-shelf amenities,” he said, in a statement. Wood bought the property of more than 4 acres in 2011, and built one of the first projects expected to come online in the area over the next few years amid growth in the Warner Center area. “Surrounded by top employers such as Anthem BlueCross, Health Net, and Farmers Insurance, the investment community recognized the strength of the area’s job story,” Murphy said in a statement. The building features a resort-style circular pool with attached hot tub, two barbecue areas with outdoor furniture, fire pits with seating area, an outdoor TV viewing area, a club room with Wi-Fi, a full gym and a room for spinning and stretching, and an Internet café.

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