LOS ANGELES, June 10, 2022 (GLOBE NEWSWIRE) -- Cityview, a vertically-integrated multifamily investment management and development firm, today announced the acquisition of Oceano, an apartment community in the Woodland Hills submarket of Los Angeles. The four-story, podium-style apartment community features 244 one-bedroom and two-bedroom units, originally built in 2012.
Oceano is located in one of the fastest-growing locales in Los Angeles, with nearly 50,000 jobs in the 1.5 square mile radius of Warner Center. This thriving submarket is in the heart of the largest employment center in the San Fernando Valley and is adjacent to the 101 Tech Corridor, Conejo Valley, Sherman Oaks, Burbank, and Hollywood Center employment hubs. Warner Center continues to attract growth and development with several notable upcoming projects that include the Los Angeles Rams 34-acre practice facility and the Warner Center 2035 project, a plan that will continue to transform the area into a walkable downtown and mixed-use community featuring offices, hotels, housing and lifestyle retail.
“As housing costs continue to climb, with median home prices in this area nearing $1,200,000, providing and maintaining workforce housing has become more important than ever,” said Sean Burton, CEO of Cityview. “We continue to seek projects in areas with strong demand drivers that fit our thesis of providing high value and high-quality sustainable workforce housing located near jobs, transit and lifestyle amenities, and Oceano in Warner Center fits squarely within that goal. As long-time believers in this dynamic area of Los Angeles, we are excited to once again be contributing to the growth of this community.”
Some of the exciting improvements Cityview plans to bring to the project common areas include upgrading the pool area, fitness center and clubhouse to allow residents to better utilize outdoor and fitness amenities. Cityview also plans to provide a “CV Works” space with shared and private workspaces and additional multifunctional spaces to enhance work-from-home capabilities. Cityview will also implement a number of improvements, including installing Energy Star appliances, LED lighting fixtures, water-efficient plumbing fixtures, drought-resistant landscaping upgrades, EV charging stations, and solar panel to reduce energy usage. Cityview also plans to partner with Fitwell to provide enhanced healthy living for residents. Interior units also will undergo high design cosmetic upgrades that include newly renovated kitchens and upgraded flooring, lighting and paint scheme.
“Oceano features the qualities of a true value add project with tremendous opportunity to deliver quality workforce housing without compromising on design, aesthetics or sustainability. We are excited to be working with local design firm Studio Zimmermann to re-imagine the community’s common spaces and resident experiences,” said Devang Shah, Managing Director and Cityview partner, who was responsible for spearheading this acquisition for Cityview.
About Cityview
Founded in 2003, Cityview is a vertically integrated real estate investment management and development firm focused on workforce and attainable housing in high-growth markets in the Western US. Specializing in developing, acquiring, and operating value-add multifamily and mixed-use projects, Cityview creates sustainable housing options in transforming areas, changing cities into communities, people into neighbors and houses into homes. Cityview investments have generated nearly $5 billion in urban investment across more than 120 projects to date. For more information, visit cityview.com.
| Contact: | Marisa Vallbona |
| IDEA HALL | |
| 619-708-7990 | |
| MarisaV@IdeaHall.com |
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba524826-2291-4c36-be8c-4372ca992ab8
