SOURCE: Wood Partners

Wood Partners

August 04, 2011 12:53 ET

Wood Partners to Commence Construction on $75 Million Unit Luxury Apartment Community in Warner Center

Almost 300 Units at the Project in the Woodland Hills District of Los Angeles Will Come Online in 2013, When New Apartments Will Be Hard to Find

LOS ANGELES, CA--(Marketwire - Aug 4, 2011) - Wood Partners announced today that it has purchased four-plus acre development in Warner Center and plans to begin construction of its new $75 million Warner Park luxury apartment community on the site by mid-August. Construction time is estimated at 22 months with the first units to be available in early 2013.

The site enjoys an exceptional location, even by Southern California standards. Warner Center is a thriving mixed-use hub that is home to more than 50,000 jobs and millions of square feet of high-quality retail property that lies just 25 miles from downtown Los Angeles.

"Our Warner Park development is occurring at an ideal time; we will be building during a favorable construction market, delivering when all the supply of 2007-2010 in Warner Center has been absorbed and competing against limited new supply," explained Brian Hansen, Wood Partners' Director of Development for Southern California. "It's an attractive, well located property that we will be building at a significant discount to acquisition cost and we anticipate renting the first units in 2013 when the market will be at its most receptive."

The 298-unit complex, evenly divided between 1- and 2-bedroom units, is located at 6701 & 6703 Eton Avenue in the Warner Center section of Canoga Park in the San Fernando Valley. The property is six miles west of I-405 and the Van Nuys airport and two miles north of the Ventura (101) Freeway which provides direct access to Ventura and Santa Barbara to the west and north and downtown Los Angeles to the southeast.

"We like what we're seeing in the LA market right now in terms of apartment fundamentals and so do our capital sources," Hansen said. "Wood Partners will continue to aggressively pursue apartment development deals in this market."

Once completed, Warner Park will feature an attractive exterior design with modern amenities as well as high quality interior finishes such as granite countertops, stainless steel appliances and vinyl flooring. Other features include a resort-style pool, modern clubroom with bar area, televisions with gaming consoles, an Internet café, business center, universal Wi-Fi and a state of the art fitness center.

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