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12/03/19
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In an institutional-quality multifamily buy out of the San Fernando Valley, Virtu Investments LLC purchased Mira, a 174-unit community in Canoga Park, for $70.5 mil ($405k/unit). The still-to-be-completed property sits in an opportunity zone at 21425 Vanowen St, just west of Canoga Ave. Mira is just north of Warner Center, and within walking distance of a multitude of dining, entertainment and shopping offerings.
“We believe this is one of the first opportunity zone sales of its kind, which is very exciting for Cityview and the buyer,” said Sean Burton, CEO of Cityview, the property developer and seller in this deal. “While it is unusual that we would sell a property prior to completion, the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the opportunity zone program in an area that is experiencing high demand for new housing.”
Consisting of studios, one-bedroom and two-bedroom units, the community features five stories of apartments over a podium, with subterranean and at-grade parking. Amenities include a resort-style pool with a spa and cabanas, state-of-the-art gym with Peloton bikes and yoga studio, outdoor terraces, a virtual reality room, Zen-inspired meditation spaces, game and screening rooms and co-working spaces. A five-story mural of a woman’s profile will serve as a focal point for the property’s exterior, while a complementary mural lines the poolside.
Mira’s outdoor green space features a putting green, garden, stretch and workout space, seating and gathering areas, BBQs and a lounge with a fireplace. Designed to qualify for LEED Silver certification, a 35,000-gallon rainwater harvesting system captures all onsite rainwater and reuses it to irrigate onsite landscaping.
Cityview originally acquired the site in March 2016. The developer partnered with WPIC Construction LLC, Ken Stockton Architects, Togawa Smith Martin Inc and Nadia Geller Designs on the construction of the project, which is expected to complete by the end of the year.
Eastdil Secured’s Joseph Smolen and Mark Peterson represented Cityview in the transaction.
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