LOS ANGELES — Wood Partners has acquired a more than 4-acre development in Warner Center in Los Angeles where it will break ground for the $75 million, 298-unit luxury apartment community Warner Park. Construction will begin mid-August, with estimated completion slated for early 2013.
The complex will be located at 6701-6703 Eton Ave. in Warner Center in the San Fernando Valley, and units will feature granite countertops, stainless steel appliances and vinyl flooring. Amenities include a resort-style pool, clubhouse with bar area, televisions, gaming consoles, an Internet café, business center, universal Wi-Fi and a state-of-the-art fitness center.
Brian Hansen, director of development for southern California for Wood Partners said in a statement: “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. 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.”
Wood Partners has been involved in the development of more than 36,000 homes with a combined value of more than $4.5 billion nationwide.
— Savannah Duncan