Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Haven Warner Center, a 205-unit multifamily asset in the Warner Center, a master-planned neighborhood and business hub in Los Angeles, California. The property sold for $54 million, or $263,415 per unit.
“Commitment and certainty of close are ever more important in challenging cycles and we were able to vet and deliver a buyer that not only performed on time but at the contract price, despite all the noise in the marketplace,” said Kevin Green, IPA executive managing director. “Previous ownership invested significant capital over the past three years to reposition the property as a luxury apartment asset, putting the buyer in an excellent position to leverage the completed upgrades and continue the value-add strategy.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments.
“The scarcity and escalating cost of single-family homes in the Woodland Hills-Warner Center submarket reinforces demand for luxury apartment homes,” said Grabiec. “With billions invested in the Warner Center 2035 Plan, the area has one of the largest development pipelines in Los Angeles County for Class A office space, retail, and infrastructure projects. This growth will lead to an increase in employment opportunities and an influx of new residents in need of housing.”
Warner Center is home to more than 10 million square feet of office/flex space and is less than a mile from the Los Angeles Metro’s Canoga Orange Line, giving residents accessibility to 60,000 jobs in the immediate area and over 1 million jobs in hubs like West Los Angeles, Santa Monica, Culver City, Hollywood, Sherman Oaks, Glendale, Burbank, Downtown Los Angeles, and Thousand Oaks. Major employers near Haven Warner Center include Northrop Grumman, United Airlines, Dassault Systèmes SE, ADP, and Allied Universal.
“Warner Center is known as the Downtown of the San Fernando Valley and the vision for the area is taking shape with more to come,” continued Grabiec. “Transformational projects like Uptown Warner Center, Westfield Promenade, and Warner Center Corporate Park will add millions of square feet of new office, hospitality, entertainment, and open space that will further enshrine Warner Center as the transit-oriented job center and regional hub of economic activity that the original 2035 plan envisioned.”
Completed in 1985, Haven Warner Center is a three-story asset with a unit mix of 50 studios, 80 one-bedroom/one-bath units and 75 two-bedroom/two-bath apartments. Renovated units have stainless-steel appliances, vinyl plank flooring, and upgraded plumbing and electrical fixtures. Common area amenities include a swimming pool and spa with upgraded furniture and a barbecue area, a modernized fitness center, clubhouse, leasing office and 410 parking places.
