Leed-Certified Multifamily Asset Commands $133 Million in Los Angeles

  

 IPA has arranged one of the largest single-property transactions to have closed in LA County since 2005.

  

LOS ANGELES, CA – Institutional Property Advisors (IPA), a boutique brokerage platform serving the needs of institutional and major private investors, has negotiated the sale of The Millennium Warner Center (top left photo), a newly constructed 438-unit luxury multifamily community. The 415,040-square foot complex traded for $132,850,000.

 IPA’s Stan Jones (middle right photo) and Ron Harris (lower left photo), executive vice presidents investments; Sal Saglimbeni (lower right photo), an associate vice president investments; and Joseph Smolen, an associate director; represented the seller, Warner Center Apartments LP. The buyer was Wesco LLP, an Essex Property Trust-sponsored joint venture.  

“There is tremendous demand for newer, Class A assets in core California markets and these opportunities are few and far between,” says Jones.  “The Millennium Warner Center is currently in a rapid lease-up and is absorbing 40 to 70 leases per month. Given the intense buyer demand and leasing momentum, investors are willing to assume the lease-up risk for true core assets,” he adds.

 “The demand has also created an environment in which developers are building new ground-up construction again in many Los Angeles neighborhoods, as is evidenced by the number of cranes in view all over the city,” adds Harris.  “In addition, there is ample financing available for these high-quality, newly constructed institutional assets.”

 Located at 21201 Kittridge St. in the thriving Warner Center business district, The Millennium Warner Center is one of the first LEED-Certified Silver multifamily assets in the Los Angeles MSA. 

 It has a mix of one-, two-, and three-bedroom units and boasts a state-of-the-art amenities package that includes two resort-style swimming pools with expansive sun decks as well as a 24-hour health club facility with tanning beds, saunas and men’s and women’s locker rooms.

 More than 10 million square feet of office space is located within a three-mile radius of The Millennium Warner Center.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716