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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Don’t miss out! Inman Connect Las Vegas is this week and you can catch all the excitement with a virtual ticket.Register Now×
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription