Dealmaker: IPA Negotiates $54M Los Angeles Multifamily Asset Sale
(Haven Warner Center, Los Angeles)
Institutional Property Advisors, Calabasas, Calif., sold 205-unit Los Angeles multifamily community Haven Warner Center for $54 million, or $263,415 per unit.
Completed in 1985, Haven Warner Center is a three-story asset with 50 studios, 80 one-bedroom/one-bath units and 75 two-bedroom/two-bath apartments.
IPA Executive Managing Directors Kevin Green and Gregory Harris and Senior Director Joseph Grabiec represented the private multifamily investment firm seller and procured buyer LA Apartments, Los Angeles.
“The scarcity and escalating cost of single-family homes in the Woodland Hills-Warner Center submarket reinforces demand for luxury apartment homes,” Grabiec said. “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.”
The Warner Center master-planned neighborhood and business hub in Los Angeles is home to more than 10 million square feet of office/flex space less than a mile from the Los Angeles Metro’s Canoga Orange Line, giving residents accessibility to more than a million jobs in 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, 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,” Grabiec said. “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.”
