Chicago-based Waterton has acquired the Motif apartment community as part of its core investment strategy. Motif is a 395-unit rental community at 21021 Erwin St. in Woodland Hills, located in the Warner Center master-planned community and less than five minutes south of The Kitt at Warner Center, which Waterton acquired in July. Waterton will rebrand the property as Sorrel at Warner Center.
Although the acquisition price was not disclosed, the Los Angeles Business Times reported that the county assessor’s office valued the property at more than $193 million going into 2026. TruAmerica Multifamily and Intercontinental Real Estate Corp. paid $163 million for Motif in 2016, the Business Times reported.
“Motif stands out in a market where new development is limited,” said Kol Rath, VP, acquisitions at Waterton. “The location in Warner Center provides convenient access to neighborhood amenities and employment nodes throughout the San Fernando Valley, and we look forward to updating the residences and common areas to a scope that will better compete with newer product in the area and enhance the resident experience.”
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