A property-holding affiliate of Wellpointe Inc. has acquired 6400 Canoga Ave., a 4.71-acre site in Woodland Hills. The acquisition represents a milestone in Wellpointe’s plan to pursue a 100% affordable housing, mixed-use development in Warner Center, one of the San Fernando Valley’s most actively evolving districts.
The acquisition comes at a notable inflection point for the site. Under previous ownership by Sandstone Properties, the property was associated with proposals for a 650-unit, 35-story high-rise market-rate residential apartment tower and a four-story, 240-key luxury hotel. The project is now expected to advance a fundamentally different approach.
“6400 Canoga Ave. and the Warner Center offer a unique opportunity to deliver quality housing at scale with a focus on affordability,” said George Kutnerian, co-founder, president & CEO of Wellpointe Inc. “This acquisition reflects our intent to pursue a strategy that supports access to high-density, quality housing and social infrastructure that is complementary to the area’s transformation.”
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