ARBORS PURCHASED FOR $50 MILLION.Byline: GREGORY J. WILCOX Staff Writer WOODLAND HILLS -- An Orange County real estate investment firm has paid more than $50 million for the Arbors at Warner Center, a 12-building apartment complex, and will invest several millions more in an extensive renovation, officials said Tuesday. The price paid by Real Estate Partners Inc. to Gateway Arbors LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control works out to about $200,000 per unit. The 250-unit complex spans 6.69 acres between Victory Boulevard Victory Boulevard is a major thoroughfare on Staten Island, measuring approximately 8.0 miles (12.87 km) and stretching from the west shore community of Travis to the upper east shore communities of St. George and Tompkinsville. and Erwin Street and Canoga and Owensmouth avenues. Thomas E. Thompson, president of Real Estate Partners, offered a three-word redundancy for the investment. ``Location, location, location Location, Location, Location is a popular Channel 4 property programme, presented by Kirstie Allsopp and Phil Spencer. The reality show follows two real estate experts as they try to find the perfect home for a different set of buyers each week. It first aired in May 2001. .'' The sprawling complex was built in 1978, long before Warner Center morphed into the Century City of the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. with more than 1 million square feet of commercial and retail space. Today the complex is along the Metro Orange Line transit corridor and within walking distance of offices, restaurants, shops and two major shopping and entertainment destinations, Westfield Promenade Westfield Promenade is a large shopping mall owned by The Westfield Group and located on Topanga Canyon Boulevard in the Woodland Hills district of Los Angeles. It was previously known as The Promenade at Woodland Hills and Westfield Shoppingtown Promenade. and Westfield Topanga Westfield Topanga, formerly known as the Westfield Shoppingtown Topanga and more commonly known to locals as the Topanga Mall or Topanga Plaza, is a two-story shopping mall consisting of 230 tenants spread across three sections. . The latter is undergoing a massive renovation that includes a new Neiman Marcus Neiman Marcus U.S. department-store chain. It was founded in Dallas, Texas, in 1907 by Herbert Marcus, his sister Carrie Marcus Neiman, and her husband, A.L. Neiman. , Nordstrom, and Target plus new shops and restaurants. Thompson said he's wanted to invest here for a while. ``We hadn't been able to buy in California because of the cost. This one worked out good.'' In addition to landscaped grounds the complex includes a pool and clubhouse, fitness center, leasing office, two lighted tennis courts and controlled gate access. The units range in size from 457 square feet for a studio to 1,125-square-foot three-bedroom units. Rents start at just above $1,000 for studio's and $1,900 for three-bedroom units, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Web site apartmentguide.com. Thompson said that his company plans a $3 million-plus renovation and will improve management to better serve the residents. The latter will be handled by an affiliate, Real Estate Partners Asset Management Services Inc. It will also oversee the renovations, which include new exterior paint, redesign of the clubhouse, refurbishment of the pool and decking and the addition of upgraded pool furniture and barbecues. Interior work will include adding washer/dryers and upgrading the kitchens and appliances. The upgrade will take over two years. ``We're doing it as units become available. We don't evict anyone,'' Thompson said. Nor are there any plans at this time to convert the complex to condominiums, he said. Spencer Scott, Sean Deasy and Scott Davies of CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. represented both the parties in the transaction. Scott, a vice president in the company's downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or office, said that it is an attractive property in an attractive location. In addition to the retail development, about 3,000 apartment units are scheduled to be built in Warner Center. ``For the most part there is very limited opportunity to invest in Warner Center. What we liked about the Arbors is its core location,'' Scott said. About 75 percent of the tenants work in Warner Center, he said. Ellis earlier worked on the sale of the 136-unit The Pointe at Warner Center at the southeast corner of Canoga Avenue and Erwin Street. Irvine-based Real Estate Partners now owns and manages more than 5,700 apartment units across the country. greg.wilcox(at)dailynews.com (818) 713-3743 CAPTION(S): map Map: The Arbors at Warner Center |
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