Cityview Sells 174-Unit Mira Multifamily Development in Los Angeles for $70.5M
LOS ANGELES — Cityview has completed the disposition of Mira, an apartment complex currently under construction in the San Fernando Valley region of Los Angeles. Virtu Investments acquired the property, which is located within an Opportunity Zone, for $70.5 million.
Located at 21425 Vanowen St., Mira will feature 174 units in a mix of studio, one- and two-bedroom units spread across five floors over a podium with subterranean and at-grade parking. Community amenities will include a resort-style pool with cabanas; gym with Peloton bikes and yoga studio; outdoor terraces; a virtual reality room; meditation spaces; game and screening rooms; and co-working spaces.
Mira’s outdoor space will feature a putting green; garden stretch and workout space; seating and gathering areas; barbecue grills; and a lounge with a fireplace. Designed to quality for LEED Silver certification, the property will have a 35,000-gallon rainwater harvesting system to capture all on-site rainwater and reuse as irrigation for on-site landscaping.
The seller originally acquired the site in March 2016. Cityview partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin and Nadia Geller Designs on construction for the project, which is scheduled for completion by the end of the year.