IPA Brokers Sale of 224-Unit Property
Working on behalf of Fairfield Residential, the brokerage firm procured the buyer, a private investor. The community is located around 26 miles from downtown Los Angeles.
Fairfield Residential has sold Carabella at Warner Center, a 224-unit community in the Warner Center/Woodland Hills area of Los Angeles to a private investor. Institutional Property Advisors worked on behalf of the seller and procured the buyer.
Located at 6300 Variel Ave., the property occupies more than five acres near freeways 27 and 101, approximately 26 miles from downtown Los Angeles and 30 miles from Los Angeles International Airport. According to IPA Executive Director Greg Harris, the population in the San Fernando Valley has grown nearly 12 percent due to the expanding job market.
“The area’s submarket fundamentals include average annual household income of $128,746,” mentioned IPA Executive Director Ron Harris in prepared remarks.
Built in 2009, the community comprises a total of 218,610 net rentable square feet and a mix of one- and two-bedroom units, featuring washers and dryers, vaulted ceilings, above-standard ceiling heights and hardwood floors. Communal area amenities include:
- controlled access
- fitness center
- business center
- swimming pool
- 301 covered, multi-level structure parking spaces
IPA’s team included Ron and Greg Harris and Senior Directors Kevin Green and Joseph Grabiec.
IPA also represented Fairfield Residential in the sale of Carillon Apartment Homes, a 264-unit community located adjacent to Carabella at Warner Center. That property sold for $93 million.
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Image courtesy of Institutional Property Advisors