While not expected to be completed until the fourth quarter of 2021, a 38-unit luxury apartment complex in Los Angeles’ Warner Center community is on the market. The project, also referred to as Skye at Warner Center, began in 2018 and has recently been listed at an undisclosed price, according to an offering memorandum obtained by The Registry.
Located at 20944 Vanowen Street, the project is a joint effort between Adler Realty Investments, Inc., The Quillin Group and Strategic Realty Holdings and is being listed by Matthews Real Estate Investment. According to the listing, the project will be 67,852 square feet and will reach six stories. Skye at Warner Center will contain 18 one- and 20 two-bedroom units, ranging from 828 to 1,261 square feet.
“The development will provide a contemporary design with larger living spaces than are typical in Warner Center to meet the growing housing needs in the area” said Michael Adler, president of Adler Realty Investments, in a previous statement. “Adler continues to look for development partners to work on projects that will meet market demands.”
The apartment complex will also feature a variety of private and community amenities. In-unit amenities include large walk-in closets, keyless entry, stainless steel appliances, and quartz countertops, while community amenities will include a courtyard, penthouse clubhouse, landscaped dog park, an underground parking garage and 24-hour video surveillance of common areas.
While rental rates have not been announced for Skye at Warner Center, the offering memorandum shows market rate rental units lease for $2,664 per month on average. In the first year, the property is expected to bring in a net operating income of $868,534.
The apartment complex will also benefit from its location within North Warner Center, home to a variety of retail, dining and entertainment assets. The property is within walking distance of the Westfield at Topanga, the third-largest shopping center in the U.S., with more than 2.7 million square feet of shopping. The property is also in close proximity to Interstate 101, providing easy access throughout the rest of Los Angeles County.
Located in the San Fernando Valley, the surrounding area is also home to approximately 40,000 employers, including Universal Music Group, Anthem Blue Cross, Kaiser Permanente, Northrop Grumman, Farmers Insurance, among others. Additionally, the San Fernando Valley is home to approximately 1.8 million residents, with an annual average household income of $104,361.
Matthews Real Estate Investments did not respond in time to comment on this story.
