It shelled out $167.4 million for the Woodland Hills apartment complex, property records reveal.

Waterton purchased the 522 apartments from AMLI Residential last month, but a price was not disclosed.

AMLI Residential developed the property almost two decades ago. The complex at 21200 Kittridge Street is now called The Kitt at Warner Center and boasts a resort-inspired pool and spa, al fresco dining and an outdoor fireplace. The value-add, Chicago-based investor plans to renovate the one-, two-, and three-bedroom apartments and revamp common areas.

"What made it attractive was primarily the value-add upside. The vast majority of units are in either original condition from 2007 or have been partially upgraded over the years. The common areas and amenities can be reconfigured and improved," Kol Rath, vice president of acquisitions at Waterton, said when the deal was announced. The company, founded and helmed by David Schwartz, owns thousands of apartments in Los Angeles.

The Kitt at Warner Center is within a master-planned community, the Warner Center, where the billionaire owner of the Los Angeles Rams, Stanley Kroenke, has proposed a $10 billion development.

Woodland Hills has a 4.3 percent multifamily vacancy rate, and commands $2,788 average rent per apartment, according to a second-quarter CBRE market report. That's on par with typical vacancies and rents throughout the Los Angeles market. The highest multifamily sale price for that period was $126 million for a 235-unit apartment building in Glendale, according to the report.

Waterton has been pretty active, on the buy and sell side. The company recently began marketing two 14-story apartment buildings in Chicago. Waterton paid about $82 million for the complex, called Grand Central, two years earlier. In another deal, last year Waterton purchased a San Francisco complex encompassing seven six-story buildings from Brookfield for $177.5 million.