Chatsworth Apartment Complex Sold for Nearly $73 Million

The nearly 350-unit Waterstone Apartment Homes in Chatsworth has been sold for $72.5 million to an undisclosed buyer. Calabasas commercial real esate brokerage Marcus & Millichap Inc. said its Institutional Property Advisors division has negotiated the sale of the apartment complex and its 348 units at 9901 Lurline Ave. The property features a clubhouse with billiard tables, swimming pool, spa, lighted tennis court, barbecue/picnic area with fire pit and a fitness center. Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap represented the seller. According to CoStar Group Inc., real estate investment and operations firm SteelWave Inc. in Foster City, formerly named Legacy Partners Residential Inc., bought the property in 2006 for $52 million. “Chatsworth’s highly-rated public schools, low unemployment and strong projected household income growth, combined with low vacancy and the lack of new supply, make it an excellent place to invest in multifamily assets, especially large, high-end properties like Waterstone Apartment Homes,” said Ron Harris.