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The owner of a 205-unit multifamily property in the Warner Center area in Los Angeles’ San Fernando Valley has decided to unload the three-story asset for $54 million, or $263,415 per unit.
Palo Alto-based Pacific Urban Investors sold the Haven Warner Center at 6530 Independence Avenue, records show. Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced that LA Apartments acquired the property but did not disclose the name of the seller.
Sales records show Pacific Urban acquired the site for $52 million in December 2018.
The Warner Center area is a master-planned, mixed-use district unfolding over 20 years. Haven Warner Center includes 50 studios, 80 one-bedroom and 75 two-bedroom apartments. The property also features a swimming pool and a spa, a fitness center and 410 parking spots.
“The scarcity and escalating cost of single-family homes in the Woodland Hills-Warner Center submarket reinforces demand for luxury apartment homes,” IPA’s Joseph Grabiec said in a statement. “With billions invested in the Warner Center 2035 Plan, the area has one of the largest development pipelines in Los Angeles County for Class A office space, retail and infrastructure projects. This growth will lead to an increase in employment opportunities and an influx of new residents in need of housing.”
IPA’s Kevin Green said commitment and certainty that a deal will close are more important now in challenging cycles and with “all the noise in the marketplace.”
“Previous ownership invested significant capital over the past three years to reposition the property as a luxury apartment asset, putting the buyer in an excellent position to leverage the completed upgrades and continue the value-add strategy,” Green added.
Green, Grabiec and IPA’s Gregory Harris represented the seller.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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