LA-Area Community Trades for $93M
- Oct 04, 2018
MG Properties Group has acquired Carillon Apartment Homes, a 264-unit community in Woodland Hills, Calif. Fairfield Residential traded the property for $93 million, which equates to $352,272 per unit. Institutional Property Advisors of Marcus & Millichap represented the seller and procured the buyer in the deal.
Situated at 6301 De Soto Ave., the community is near freeways 27 and 101, approximately 26 miles from downtown Los Angeles and Los Angeles International Airport. Additionally, the property is close to many technology, industrial and healthcare businesses.
“The area’s proximity to a variety of technology, industrial and healthcare industries along the 101 Corridor, and the new Warner Center 2035 plan for growth over the next two decades, put Warner Center/Woodland Hills in a great position for economic expansion and prosperity in the coming years,” said Ron Harris, executive director at Institutional Property Advisors, in prepared remarks.
Built in 2008, the community occupies more than five acres and comprises a mix of efficiency, one- and two-bedroom units, Yardi Matrix data shows. Communal area amenities include:
- controlled access
- fitness center
- business center
- swimming pool
- covered parking
- 351 covered spaces
Executive Directors Harris and Greg Harris and Senior Directors Kevin Green and Joseph Grabiec represented the seller and procured the buyer in the deal. In August, Institutional Property Advisors also arranged a $78.5 million deal in San Dimas, Calif.
Image courtesy of Yardi Matrix