Carillon Apartment Homes, a class A, 264-unit multifamily property in Woodland Hills, has sold for $93 million or $352,272 per unit. Institutional Property Advisors, a division of Marcus & Millichap, which brokered the deal, announced the sale on Monday.
IPA Executive Directors Greg Harris and Ron Harris and Senior Directors Kevin Green and Joseph Grabiec represented the seller, Fairfield Warner LLC. The IPA team also procured the buyer, MG Properties Group. Established in 2008, the 235,214-square-foot Carillon Apartment Homes stands four stories on more than 5 acres at 6301 De Soto Ave.
“Warner Center/Woodland Hills is one of Southern California’s premier multifamily investment markets,” said Harris in a statement. “Single-family home values have risen more than 60 percent over the last five years to $850,000, creating a significant affordability gap between owning and renting.”
Added Harris: “The area’s proximity to a variety of technology, industrial and health care 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.”