Cityview recently announced the sale of Mira, a 174-unit apartment community located in an Opportunity Zone in Los Angeles' San Fernando Valley. The sale was announced before the project was finished. Virtu Investments bought the building for $70.5 million. Mira is located near the Warner Center in Canoga Park, which is about 30 miles northwest of downtown Los Angeles.
The LA-based Cityview originally acquired the site in March 2016. The developer partnered with WPIC Construction, Ken Stockton Architects, Togawa Smith Martin, and Nadia Geller Designs on the construction of the project, which is expected to be completed by the end of the year.
“We believe this is one of the first OZ sales of its kind, which is very exciting for Cityview and the buyer,” said Sean Burton, CEO of Cityview. “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 OZ program in an area that is experiencing high demand for new housing.”
The five-story, podium-built structure is divided into a mix of studio, one-bedroom, and two-bedroom units with parking below and at grade. Amenities include a resort-style pool with a spa and cabanas, a fitness center, a yoga studio, outdoor terraces, a virtual reality room, meditation spaces, a game room, a screening room, and co-working spaces. Outdoors, there also are a putting green, a garden, a stretch and workout space, gathering areas, barbecues, and a lounge with a fireplace.
“We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” said Michael Green, Virtu Investments managing partner. “It’s especially gratifying to be able to provide residents of Warner Center a truly premium apartment community, with convenient access to excellent public transportation, at rent rates that are significantly more affordable than most commuter suburbs of Los Angeles.”