REAL ESTATE NEWS

Woodland Hills, California, has become an attractive location for affordable housing thanks to its combination of significant supply needs with a development framework that encourages higher-density residential projects through the Warner Center 2035 Plan.

"This, along with the incentives available for affordable housing and favorable entitlement process, makes it ideal," Jay Rubin, principal, Lee & Associates, told GlobeSt.com.

"Employment, retail and other amenities already in place, developers see an opportunity to deliver much-needed affordable units in a well-established and highly desirable community."

He is part of Lee & Associates' LA North/Ventura office, which represented Zenith Insurance Company in the sale of a 2.7-acre corner land parcel with a 35,000-square-foot building at 21155 Califa Street (aka 5909 Variel Avenue) in the Warner Center/Woodland Hills neighborhood of Los Angeles.

Capstone will redevelop the property as The Green at Warner Center, which will include approximately 316 one, two and three-bedroom apartments with above parking that supports over 300 vehicles. The property was Zenith's headquarters for more than 20 years.

"The state of the commercial real estate development market today in Southern California is in a state of flux," John Battle, principal of Lee & Associates, said.

"The massive development in Warner Center over the past thirty years has made it a location of choice for multi-family projects. Due to the need for affordable housing, the availability of financing for such needed projects and the numerous amenities in the immediate area contribute to the desirability of this type of project."

Elysian Housing and Capstone Equities were the buyers. The asset went for an undisclosed amount.

Along with Battle, principal, Eugene Kim, principal and Scott Romick, principal/managing director, assisted Rubin on the deal.

This team is now also marketing the adjacent 5.2-acre land parcel at 21255 Califa Street. The site, also known as 5909 Variel Avenue, is optimally located in the central residential and commercial heart of the Warner Center, a popular and growing area of the San Fernando Valley in Southern California.

The property is near abundant office buildings, retail, restaurants, apartments and parks, as well as the $10 billion Kroenke Sports and Entertainment development, which will consist of the Rams' headquarters along with retail, office space, hotel, indoor entertainment venues and abundant parks and open space.

Source: GlobeSt/ALM