Institutional Property Advisors (IPA), a division of Marcus & Millichap, announces the sale of Cielo Apartments, a 119-unit multifamily property in Chatsworth, California. The $45 million sales price equates to more than $378,000 per unit.
“Cielo Apartments provides new ownership with a durable income stream and excellent prospects for long-term growth,” says Greg Harris, executive managing director. Harris, Kevin Green and Joseph Grabiec, senior directors, represented the seller, JB Matteson Inc., and procured the buyer, a private multifamily investment firm.
“Lack of new supply in Chatsworth/Canoga Park and Winnetka supports continued demand and revenue growth for Cielo Apartments,” adds Green.
The property is located at 9733 Topanga Canyon Blvd. in Chatsworth and is within five miles of the growing urban neighborhood of Warner Center and the recently revitalized Westfield Topanga, Westfield Promenade, and Village at Westfield regional lifestyle shopping centers. Cielo’s ideal commuter location is proximate to the 118, 101, 405 and 210 freeways and is less than one mile from the Los Angeles Metro’s Chatsworth station.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.