Woodland Hills Apartment Community Trades Hands for $88M
- Oct 24, 2013
One of the largest San Fernando Valley apartment deals was executed recently when a group of investors headed by Jones & Jones Management Group paid $88 million for a Woodland Hills property. The buyer acquired the Mercer at Warner Center residential community from Rockwood Capital and The Bascom Group. According to the CoStar Group, the acquisition comes hot on the heels of another high-profile apartment deal made by the buyer, namely the sale of the Crenshaw Village asset, for a total of $60 million.
The object of the current deal, the 1968-built Mercer at Warner Center complex, is a 477-unit property located on an eight-acre site at 22100 Erwin St. The property offers resident amenities such as swimming pools, cabanas, barbecue grills, a number of picnic areas, fitness facilities, a tenant lounge and a café with Wi-Fi service, while lighted tennis courts are also part of the package. After the deal, the name of the complex will be changed to The Reserve at Warner Center. According to CoStar, the property went through a partial renovation process back in 2012.
Offering a wide variety of floorplans, the Reserve features eight studio units, 278 one-bedroom units, 161 two-bedroom apartments and 30 three-bedroom apartments. Occupancy at the property is at about 98 percent, and monthly rent rates range between $1,071 and $1,881.
The deal was brokered by Marcus & Millichap representatives Greg Harris and Ron Harris, both of whom are executive vice presidents with the company. The per-unit rate at which the property traded was approximately $184,000.