January 5, 2016
TruAmerica Multifamily has acquired a newly-developed Warner Center apartment complex in Woodland Hills for $163 million. The purchase of Millennium Woodland Hills marks one of the largest Los Angeles County rental community transactions in years.
TruAmerica CEO Robert Hart says the complex should attract millennials, because the area is concentrated with workers and young people. The average rent for a one-bedroom apartment is $2,064, and the community includes a dog park, a 24-hour clubhouse, community garden, and two swimming pools. Rents are reportedly expected to increase.
Millennium Woodland Hills features 395 units, and is more than 90-percent leased. The area has long been an office hub, but since the adoption of a neighborhood zoning plan in 2013, more residential development has taken place, and the low vacancy underscores the high demand in the area.