TruAmerica Acquires & Rebrands The Millennium
- Jan 06, 2016
Completed in early 2015 by the Dinerstein Companies, The Millennium in Woodland Hills was sold for $163 million. Under new ownership the 395-unit development will be rebranded as The Motif, the first LEED Gold Certified community in the area.
Located at 21021 W. Erwin St., the five-story multifamily property will include hotel-style amenities such as two swimming pools with aqua lounges, 24/7 clubhouse, fitness center, Wi-Fi lounge and coffee bar, dog park, community garden and a seven-story parking structure. The Motif will consist of one-, two- and three-bedroom floor plans with an average size of 1,061 square feet featuring kitchen islands, granite countertops, side-by-side refrigerators and 10’-12’ ceilings.
“This asset checks all the boxes as a superior multifamily investment that will benefit greatly from the changes taking place in Warner Center,” said TruAmerica Senior Managing Director of Acquisitions Greg Campbell. “The new zoning promotes a denser, more walkable and sustainable community by promoting more mixed-used, transit oriented development similar to the changes taking place in Hollywood and Downtown LA. The plan has already spurred projects such as Westfield’s new Village at Topanga, now the third largest retail mall in the United States, which is within walking distance from The Motif.”
This is the sixth multifamily acquisition in Los Angeles County and the second largest single asset purchase for TruAmerica. The acquisition was financed with a 10-year fixed rate loan, arranged by Brian Eisendrath and Cameron Chalfant of CBRE Capital Markets.
Photo courtesy of DB&R Marketing Communications