LA Apartments Pays $54M for San Fernando Valley Asset
Pacific Urban Investors sold the asset after five years of ownership.
LA Apartments has acquired Haven Werner Center, a 205-unit multifamily community in Canoga Park, Calif., for $54 million. According to Yardi Matrix information, the seller was Pacific Urban Investors, which had purchased the asset in 2018 for $52 million.
The same data provider shows LA Apartments financed the acquisition with a $37.8 million loan from Bank of America. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer.
The community came online in 1985 within Warner Center, a master-planned neighborhood which encompasses more than 10 million square feet of office space. The three-story property comprises studio, one- and two-bedroom floorplans ranging from 450 to 825 square feet, Yardi Matrix shows. Amenities include a swimming pool, spa, fitness center, clubhouse and barbecue area, along with 410 parking spaces.
Located at 6530 Independence Ave. in the San Fernando Valley region of Los Angeles, in an Opportunity Zone, the asset is close to Topanga Canyon Boulevard. Numerous retail and dining options are within walking distance of the community.
IPA Executive Managing Directors Kevin Green and Gregory Harris, along with Senior Director Joseph Grabiec, arranged the transaction. Green stated in prepared remarks that the previous owner implemented extensive capital improvements on the asset, repositioning it as a luxury property.