VITAL STATISTICS
VELA ON OX
21221 W. Oxnard St., Woodland Hills
Square Footage: 441,265
Deal Value: $183 million
Completed in 2018, Vela on Ox is a 379-unit multifamily asset located in the Warner Center submarket of the San Fernando Valley. The property achieved impressive rental benchmarks throughout the early stages of lease-up, and throughout 2019 though encountered substantial operational challenges during the onset of the COVID-19 pandemic. Ultimately, at the property’s operational nadir, rents had dropped 10%, concessions had increased to one month or more, and a number of residents stopped paying rent in the face of COVID hardship. Kevin Green, Joe Grabiec and Greg Harris of IPA were able to leverage the property’s surge in leasing momentum in Q3 and Q4 of 2021, the strong rent growth projections for Warner Center submarket, and close relationship with the buyer to negotiate a strong offer that ultimately consummated in a sale in Q1 2022.
The asset features market-leading designer interiors and a cutting-edge series of amenities totaling over 100,000 square feet (inclusive of outdoor spaces).
In the face of the substantial financial challenges encountered during the COVID pandemic, the buyer was able to look past the near- term challenges given the high quality of the asset and belief that the operations would be strong in the long term.
VITAL STATISTICS
WARNER PINES APARTMENTS
21601 Erwin St., Woodland Hills
Square Footage: 218,113
Deal Value: $96 million
First time sold in 44 years, Warner Pines Apartments is one of the last untouched multifamily assets in the Warner Center market without ever being sold to a large institution or managed by a major management company. Warner Pines was an extreme value add opportunity for many buyers with 100% original units and amenities. With over 38 offers submitted and 54 tours, Warner Pines was in high demand. In the midst of escrow all 266 units electrical panels were being replaced and with a close of escrow deadline, timelines were challenging to say the least. Located in the heart of Downtown Warner Center, Warner Pines has always been a staple in the ever changing Warner center community with an original exterior facade while the surrounding neighborhood changed so rapidly.
VITAL STATISTICS
TUDOR GARDENS APARTMENTS
15128 Burbank Blvd., Los Angeles
Square Footage: 53,794
Deal Value: $19.8 million
Tudor Gardens had been owned by the same family trust for decades. Matt Ziegler of Marcus & Millichap competed with multiple brokerage firms to earn the business and was ultimately hired to exclusively market and sell the property. After completing our accelerated marketing campaign and creating a market for the asset, over 25 different investors toured the assets and ultimately generated 17 offers of which five were 100% non-contingent. When the negotiation process was completed, Ziegler sold the building $550,000 over the asking price to a buyer who was 100% non-contingent with a $1,000,000 nonrefundable deposit released to seller prior to closing and closed the transaction in 30 days.