Equity Residential Sells LA-Area Community for $107M
The firm had acquired this Class B asset in 1996 for $25.5 million.
Equity Residential has sold Summerset Village, a 280-unit community in Chatsworth, Calif., for $106.7 million or $380,893 per unit. The firm had acquired the Class B asset in 1996 for $25.5 million, according to Yardi Matrix data.
An IPA team represented the seller and procured the buyer. Summerset Village is one of the only 10 properties with more than 200 units in the Northwest San Fernando Valley built since 1980, IPA Executive Managing Director Kevin Green said in prepared remarks.
The 1986-completed community encompasses 39 two-story buildings spread across 24.8 acres. The unit mix features one- and two-bedroom floorplans ranging between 748 and 1,257 square feet. All apartments have washers and dryers, along with fireplaces and patios in select units. Common-area amenities comprise a fitness center, tennis court and playground, along with two swimming pools and two spas.
Summerset Village is at 11450 N. Poema Place, some 32 miles northwest of downtown Los Angeles. Porter Ranch Town Center and Chatsworth Center are within a 3-mile radius, while Stoney Point Park is less than a mile away.
The IPA team that secured the transaction included Green together with Executive Managing Director Gregory Harris and Executive Director Joe Grabiec. Earlier this year, the trio brokered the sale of another San Fernando Valley asset, a 205-unit community in Canoga Park, Calif.