522-Unit Warner Center Apartment Community Acquired by Waterton

Waterton acquired the 522-unit AMLI Warner Center apartments in Woodland Hills from AMLI Residential and plans to rebrand it as The Kitt at Warner Center. With this acquisition, Waterton now owns 3,316 units in the Los Angeles area. Terms of the deal were not disclosed.

“What made it attractive was primarily the value-add upside. The vast majority of units are in either original condition from 2007 or have been partially upgraded over the years. The common areas and amenities can be reconfigured and improved,” said Kol Rath, vice president of acquisitions for Waterton.

The property was built in 2007 with a mix of one-, two- and three-bedroom apartment homes. Kitchen and bath upgrades – such as new stainless-steel appliances, quartz countertops, new cabinet fronts and hardware, as well as updated lighting and plumbing fixtures, paint and vinyl plank flooring – could start within the next 12 months. Amenities include a resort-style pool and spa, grilling stations with picnic tables, a fire pit, dog park and fitness center.

Warner Center was an attractive investment because of its proximity to the main employment hub in the San Fernando Valley, proximity to public transportation and highways, plus major investments such as the 52-acre Los Angeles Rams mixed-use retail, office and practice facility proposed nearby.

“Los Angeles is the second-largest metro in the country. It doesn’t have big growth numbers seen in the Sun Belt, but there are strong demand drivers and limited competition due to perceived regulatory risk,” said Rath.

Information for this article was sourced from Waterton.