SRG To Develop 340 Apartments In Woodland Hills, CA
SARES•REGIS Group announced plans to develop a hillside 340-unit luxury apartment community in the Woodland Hills section of Los Angeles that will offer panoramic views of the San Fernando Valley. Occupancy is slated for October 2013.
"This is a prime location with sweeping vistas. It's on Ventura Boulevard two blocks from the Desoto Avenue on-ramp to the 101 freeway and with a nature preserve behind the site. After more than a year of negotiations to acquire this entitled site we are eager to get started on construction drawings and move quickly for a ground breaking in January," said Bill Montgomery, President of SRG's Multifamily Acquisitions for Investment & Development Division.
The development is being called Infinity - Woodland Hills. Montgomery said the site was acquired in an "off-market agreement" from a seller who had purchased the property at auction. Earlier development plans for the property as a for-sale condominium community "were not completed as a result of the economic downturn," he said.
After buying the property at auction the previous owner spent months modifying the entitlement by working closely with community residents and the City of Los Angeles. The entitlement was received in May, clearing the way for apartments and maintaining the original 340-unit allocation, Montgomery said.
Infinity - Woodland Hills will utilize a "wrap" design in which the apartment building surrounds and conceals the parking structure to enhance the exterior's appearance and maximize resident views.
"The recession virtually stopped new development over the past two years. There are few new apartments in the pipeline and a large group of 'Gen Y' potential residents entering the rental pool and fueling demand for apartments. Occupancies are up and some markets are seeing rental growth. We are confident Infinity will become a high demand community in this market environment," Montgomery said.
"Joining us in the venture to purchase and construct the project is our longtime partner UBS. With a solid working relationship and mutual respect for each other's organizational structures and skill sets, both UBS and SARES•REGIS Group were keen to join together on this unique project," he said.
SARES•REGIS Group is one of the leading developers and managers of commercial and residential real estate in the western United States. Currently, the company has more than 3 million square feet of commercial industrial property in the entitlement process and 1,900 residential units in pre-construction and development. SARES•REGIS Group has a combined portfolio of owned and fee-based assets under management valued at more than $4 billion, including 15 million square feet of commercial and industrial space and more than 13,000 rental apartments. Since its inception the company has acquired or developed approximately 44 million square feet of commercial properties and 20,000 multifamily and residential housing units.
SARES•REGIS Group also is a leader in green and sustainable development and management of commercial and multifamily projects. The company is the largest privately held developer of green apartment units in Southern California and developed the first sustainable speculative industrial project in Orange County. Since 2002, SARES•REGIS Group has sequestered more than 1 million tons of carbon dioxide gas.