• 0
  • Home
  • About Us
  • What We Do

Shopping Cart

GPAM
  • Home
  • About Us
  • What We Do

Virtu pays $71M for Warner Center complex in Opportunity Zone

A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360) 
A rendering of the property, Cityview CEO Sean Burton and Virtu Investments principals Michael Green and Scott McWhorter (Credit: LCP 360)

Virtu Investments picked up an under-construction multifamily development in the Warner Center this week for just under $71 million.

The real estate firm, headed by principals Michael Green and Scott McWhorter, bought the 174-unit property at 21425 W. Vanowen Street, from Los Angeles-based real estate firm Cityview.

The apartment project, expected to be completed later this month, traded for just over $408,000 a unit.

According to Cityview CEO Sean Burton, the apartment complex sits in an Opportunity Zone, which will allow Virtu to defer paying capital gains taxes for up to 10 years.

Virtu currently owns five other multifamily rental properties in California, and has sold 15 properties in the state, according to its website.

Cityview originally acquired the Warner Center property, which is called the Mira, in March 2016 for about $8.2 million.

The development firm tapped Ken Stockton Architects to design the six-story building, which features a large mural on one side. Units are priced between $2,100 and $3,275 a month. South Carolina-based Greystar had been selected to manage the property, which also includes 245 parking spaces.

Eastdil Secured’s Joseph Smolen and Mark Peterson represented Cityview in the transaction.
The Warner Center has seen a renaissance of sorts in recent years, benefiting from a rezoning effort in the San Fernando Valley. A number of large projects are in the works there. The biggest is Westfield’s $1.5 billion redevelopment of the Westfield Promenade mall.

In June, an 190-unit proposed complex became the second large retirement home planned in the area.

South Bay Partners and LAMB Properties are also collaborating on a 420,000-square-foot senior living complex at a Variel Avenue development site up the street.

Westfield is now working through the environmental review process for a 320,000-square-foot arena that is part of the Warner Center makeover.

Westfield’s redevelopment also includes 1,430 residential units, more than 600,000 square feet of office space, and almost 600 hotel rooms.

Developers are building smaller projects as well. In late 2018, Bolour & Associates picked up a three-acre development site near the De Soto property with designs in hand for a 380-unit residential project.

The post Virtu pays $71M for Warner Center complex in Opportunity Zone appeared first on The Real Deal Los Angeles.

Powered by WPeMatico

  • 02 December 2019
  • The Real Deal
  • Uncategorized
  •  Like
What new tech products do industry professionals really use? →← Inland Empire industrial strength is health hazard, opponents say
  • Recent Posts

    • Hoteliers sound the alarm on looming distress  May 24, 2025
    • Growth markets see retail boom even with tariff uncertainty May 24, 2025
    • Westchester resi project gets city OK after union drops objection May 23, 2025
    • WATCH: ‘Father of CMBS’ Ethan Penner to run for governor of California May 23, 2025
    • Fashion Island office fetches $756 psf May 23, 2025
  • Recent Comments

    • Archives

      • May 2025
      • April 2025
      • March 2025
      • February 2025
      • January 2025
      • December 2024
      • November 2024
      • October 2024
      • September 2024
      • August 2024
      • July 2024
      • June 2024
      • May 2024
      • April 2024
      • March 2024
      • February 2024
      • January 2024
      • December 2023
      • February 2023
      • January 2023
      • December 2022
      • November 2022
      • October 2022
      • September 2022
      • August 2022
      • July 2022
      • June 2022
      • May 2022
      • April 2022
      • March 2022
      • February 2022
      • January 2022
      • December 2021
      • November 2021
      • October 2021
      • September 2021
      • August 2021
      • July 2021
      • June 2021
      • May 2021
      • April 2021
      • March 2021
      • February 2021
      • January 2021
      • December 2020
      • November 2020
      • October 2020
      • September 2020
      • August 2020
      • July 2020
      • June 2020
      • May 2020
      • April 2020
      • March 2020
      • February 2020
      • January 2020
      • December 2019
      • November 2019
      • October 2019
      • September 2019
      • August 2019
      • July 2019
      • June 2019
      • May 2019
      • April 2019
      • March 2019
      • February 2019
      • January 2019
      • December 2018
      • November 2018
      • October 2018
      • September 2018
      • August 2018
      • July 2018
      • June 2018
      • May 2018
      • April 2018
      • March 2018
      • February 2018
      • January 2018
      • December 2017
    • Global Property and Asset Mangement, Inc.
      137 North Larchmont
      Los Angeles, California 90010
      +1 213-427-1127

    © 2025 GPAM