Page 8 - 21515Vanowen_OfferingMemorandum_GSP
P. 8
MARKET OVERVIEW
Warner Center offers a favorable environment for multifamily development,
driven by its desirable demographics, dense concentration of employers, and
pro-growth regulatory policies
Robust multifamily fundamentals are conducive for apartment rental and
represent an affluent, professional tenant base, including average household
incomes of $100,000+ (5-mile radius), 27,000+ employees (1-mile radius),
and 78.5% rentership (1- mile radius)
Approved by L.A. City Council, the Warner Center 2035 Specific Plan aims
to transform the submarket into a transit-oriented, live-work-play district by
easing development restrictions, doubling the existing commercial space to
30 million square feet, and calling for more than 18,000 new residential units
Large-scale developments show promise to position Warner Center as the
urban hub of the San Fernando Valley, including the 6-million-square-
foot mixed-use project Uptown at Warner Center, Westfield’s $1.5-billion
Promenade 2035 redevelopment complete with a 7,500-seat stadium, and
the $1-billion Warner Center Corporate Park redevelopment
Institutional investors such as Fairfield Residential, Hanover Company,
Cityview, and Unibail-Rodamco-Westfield are developing in Warner Center,
signaling a strong belief in the area
8 | 21515 VANOWEN 8 | 21515 VANOWEN
