BRE Properties Acquires $56.5 million Apartment Community

BRE Properties is now the proud owner of The Vistas of West Hills (below) in Valencia, California. In an acquisition valued at $56.5 million, the apartment owner and management company purchased a 220-unity property built in 2008, consisting of 10 three-story buildings, all wood-framed and stretching across 9 acres.

Vistas of West Hills

Vistas of West Hills pool - courtesy their website

The Vista of West Hills is just three miles from Pinnacle at Westridge and Bridgeport Coast, two other BRE communities, allowing the company to effectively manage all three with careful attention to detail. Residents of the communities are often employed by companies in the entertainment, health care, film, biotechnology, aerospace/defense, and education industries.

Stephen C. DominiakSome of the employers include Dinsey-ABC, Woodward Textron, and California Institute of the Arts. “The Vistas of West Hills, built on the last entitled apartment parcel in the Valencia master plan, is an important acquisition for BRE because it meets our strategy of concentrating capital to optimize operating efficiencies,” said Stephen C. Dominiak (image left), BRE’s executive vice president, chief investment officer. He went on to elaborate:

“The combination of supply constraints, potential savings in operating costs, a diverse economy, and easy access to local employment, shopping, entertainment and major freeways make this property a valuable addition to our southern California portfolio.”

BRE specializes in developing, acquiring, and managing “desirable” apartment communities in the western United States that would be considered great finds for anyone seeking residence in the areas. BRE currently owns and operates 75 apartment communities in Washington, Arizona, and California, with a total of 21,318 units. BRE has acquired multifamily properties ranging from $10 million to $200 million.

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