Motif, a 395-unit apartment community at 21021 Erwin St. in Woodland Hills, has been brought to market, with no pricing guidance available at this time. The Los Angeles County property is offered on a fee-simple basis with Newmark handling the listing on behalf of TruAmerica, which acquired the community in 2015 for $163 million. Completed in 2015, the mid-rise wrap-style property spans an average unit size of 1,061 square feet and includes 790 parking spaces, reflecting a 2x parking ratio.
According to the marketing brochure, the apartments consist of one-, two- and three-bedroom layouts. The site carries a LEED Gold certification and includes amenities such as two pools, a 24-hour fitness center with yoga and spin studios, a clubhouse, bocce court, demonstration kitchen and pet park. Each unit also features private balconies or patios and ceiling heights ranging between 10 and 12 feet. Marketing materials indicate that almost all units (97 percent) remain in original condition, creating a potential avenue for value-add through interior and common-area upgrades. Brokers note that reported rent comparables in the Warner Center submarket show pricing roughly $618 per month above Motif’s in-place rents, suggesting near-term revenue growth potential for new ownership.
Based on the brochure, the Warner Center submarket has limited new multifamily supply, with only one project totaling 203 units currently under construction. Newmark’s analysis estimates Motif’s replacement cost at approximately $550,000 per unit, positioning the asset below current development economics. Meanwhile, demographic data cited in the listing highlights an average household income of $193,000 among Motif residents, equating to a rent-to-income ratio of 18 percent. Local homeownership costs remain high, with single-family homes in the submarket averaging $1.25 million. Based on those figures, in-place rents at the property represent a 65 percent discount compared with homeownership costs, a dynamic that may continue to support renter demand. Motif is located within walking distance of more than 2 million square feet of retail space, including The Village and Westfield Topanga.
Newmark’s Jonathan Merhaut, Geoff Boler and Joseph Smolen are marketing the property.
In addition, brokers point out that the Warner Center area has become a focal point for new development and corporate investment. The Los Angeles Rams relocated their operations and practice facility to Warner Center in August 2024, and in April 2025, the Kroenke Organization announced plans for a 52-acre Rams Village project including entertainment venues, open spaces, retail, and practice fields. Once complete, Rams Village at Warner Center is expected to offer more than three million square feet of development, including over 3,000 residential units, approximately two million square feet of commercial and office space, and more than 9.9 acres of open space, according to previous reporting by The Registry.
