Real Estate Partners Inc. has purchased a 250-unit apartment community in Woodland Hills, Calif.
The value of the transaction was approximately $50 million.
Gateway Arbors LLC sold The Arbors at Warner Center Apartment Community, which consists of 12 buildings situated on approximately 6.7 acres of lushly landscaped grounds. Amenities include a large pool and sundeck, clubhouse, fitness center, leasing office, two lighted tennis courts and controlled gate access. Constructed in 1978, with ongoing renovations since 1996, the apartment community contains studio and one-, two- and three-bedroom units ranging in size from 457 to 1,125 square feet.
Real Estate Partners plans to devote more than $3 million to renovate and upgrade the apartment community. “The intended renovation plans include new exterior paint, renovation and redesign of the clubhouse, refurbishment of the pool and decking, and the addition of upgraded pool furniture and barbecues for more of a ‘resort’ feel. We will also continue to renovate the unit interiors, including adding washer/dryers and upgrade the kitchens and appliances,” said Robert Warren, president of Real Estate Partners Asset Management Services.
Irvine, Calif.-based Real Estate Partners Inc. is a privately held real estate investment services firm specializing in multifamily, retail, office and industrial properties. With this recent acquisition, Real Estate Partners now owns and manages more than 5,700 apartment units.