Some apartment firms want to reduce their exposure to California due to rent control and regulations. Chicago-based real estate investment firm Waterton isn’t one of those companies.
With the late July acquisition of AMLI Warner Center from Atlanta-based owner and developer AMLI Residential, Waterton now owns 3,316 units in the Los Angeles market. The firm will rebrand the 522-unit wrap-style property in Woodland Hills, California, as Kitt at Warner Center.
“LA is still the second-largest metro in the country,” Kol Rath, vice president, acquisitions at Waterton, told Multifamily Dive. “It’s a very large, diverse economy, and one that we're happy to be a part of.”
Waterton plans to add new stainless-steel appliances, quartz countertops, new cabinet fronts, hardware in kitchens and bathrooms, updated lighting and plumbing fixtures, backsplashes, paint and vinyl plank flooring to the asset’s one-, two- and three-bedroom units.
“The property was built in 2007, and the residences are largely in original condition,” Rath said. “So, there's an opportunity for us to come in and invest in the community and improve the resident experience.”
The Kitt at Warner Center’s amenities include a resort-style pool and spa, grilling stations with picnic tables, a fire pit and outdoor fireplace, a dog park and pet washing station, a jogging path, fitness center and two parking garages.
Waterton plans to reconfigure common areas to maximize space utilization and enhance the resident experience, in addition to updating the exterior paint.
“There's room to modernize and improve the existing amenities and common areas, but also to potentially reconfigure them and make this space more efficient and more useful for the residents,” Rath said.
The property is situated in the Warner Center master-planned community, which offers access to the Westfield Topanga mall, the 1.1 million-square-foot Warner Center Business Park, the 1.8 million-square-foot Warner Center Plaza office complex and Kaiser Permanente Hospital.
“You're proximate to Route 101,” Rath said. “You've got good access throughout the San Fernando Valley, and to all the employment in the valley. The commute into the city is reasonable.”
In addition, the proposed Rams Village at Warner Center, located nearby, is expected to include retail, dining and office spaces, as well as indoor and outdoor entertainment venues. It will also house the permanent headquarters and practice facility for the Los Angeles Rams.
“One of the more positive recent developments will be the Rams' 52-acre mixed-use development,” Rath said.
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