LA Community Sells for $45M

IPA arranged the sale of Cielo Apartments, a Class A, 119-unit community in Chatsworth. Amenities include a clubhouse, fitness center and 208 parking spaces.

Cielo Apartments
Cielo Apartments

Institutional Property Advisors (IPA) has arranged the sale of Cielo Apartments, a Class A, 119-unit community in Chatsworth, Calif., for $45 million, or $378,000 per unit. The company worked on behalf of the seller, JB Matteson Inc., and procured the buyer, a private investor.

Located on 3.2 acres at 9733 Topanga Canyon Blvd., Cielo Apartments offers access to freeways 118, 101, 405 and 210, and is five miles from Warner Center and one mile from Los Angeles Metro’s Chatsworth station. Notable shopping venues in the area include Westfield Topanga, Westfield Promenade and Village at Westfield.

Built in 2009, the property comprises a mix of one-, two- and three-bathroom apartments with private balconies/patios and an average size of 1,058 square feet. 

Community amenities include:

  • controlled access
  • fitness center
  • business center
  • clubhouse
  • swimming pool
  • spa
  • 208 parking spaces

“Cielo Apartments provides new ownership with a durable income stream and excellent prospects for long-term growth,” said Greg Harris, executive managing director of IPA, in prepared remarks. Harris completed the transaction together with Kevin Green and Joseph Grabiec, senior directors.

Earlier this month, IPA secured a $24 million refinancing loan for Castlewood Park, an Orange County multifamily asset located in Buena Park, Calif.

Image courtesy of Yardi Matrix