WOODLAND HILLS An Orange County real estate investment firm has paid more than $50 million for the Arbors at Warner Center, a 12-building apartment complex, and will invest several millions more in an extensive renovation, officials said Tuesday. The price paid by Real Estate Partners Inc. to Gateway Arbors LLC works out to about $200,000 per unit. The 250-unit complex spans 6.69 acres between Victory Boulevard and Erwin Street and Canoga and Owensmouth avenues. Thomas E. Thompson, president of Real Estate Partners, offered a three-word redundancy for the investment. “Location, location, location.” The sprawling complex was built in 1978, long before Warner Center morphed into the Century City of the San Fernando Valley with more than 1 million square feet of commercial and retail space. Today the complex is along the Metro Orange Line transit corridor and within walking distance of offices, restaurants, shops and two major shopping and entertainment destinations, Westfield Promenade and Westfield Topanga. The latter is undergoing a massive renovation that includes a new Neiman Marcus, Nordstrom, and Target plus new shops and restaurants. Thompson said he’s wanted to invest here for a while. “We hadn’t been able to buy in California because of the cost. This one worked out good.” In addition to landscaped grounds the complex includes a pool and clubhouse, fitness center, leasing office, two lighted tennis courts and controlled gate access. The units range in size from 457 square feet for a studio to 1,125-square-foot three-bedroom units. Rents start at just above $1,000 for studio’s and $1,900 for three-bedroom units, according to the Web site apartmentguide.com. Thompson said that his company plans a $3 million-plus renovation and will improve management to better serve the residents. The latter will be handled by an affiliate, Real Estate Partners Asset Management Services Inc. It will also oversee the renovations, which include new exterior paint, redesign of the clubhouse, refurbishment of the pool and decking and the addition of upgraded pool furniture and barbecues. Interior work will include adding washer/dryers and upgrading the kitchens and appliances. The upgrade will take over two years. “We’re doing it as units become available. We don’t evict anyone,” Thompson said. Nor are there any plans at this time to convert the complex to condominiums, he said. Spencer Scott, Sean Deasy and Scott Davies of CB Richard Ellis represented both the parties in the transaction. Scott, a vice president in the company’s downtown Los Angeles office, said that it is an attractive property in an attractive location. In addition to the retail development, about 3,000 apartment units are scheduled to be built in Warner Center. “For the most part there is very limited opportunity to invest in Warner Center. What we liked about the Arbors is its core location,” Scott said. About 75 percent of the tenants work in Warner Center, he said. Ellis earlier worked on the sale of the 136-unit The Pointe at Warner Center at the southeast corner of Canoga Avenue and Erwin Street. Irvine-based Real Estate Partners now owns and manages more than 5,700 apartment units across the country. [email protected] (818) 713-3743 AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREBasketball roundup: Sierra Canyon, Birmingham set to face off in tournament quarterfinals160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!
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