Haven Warner Center, a 205-unit multifamily property at Warner Center, sold for $54 million, or $263,415 per unit.
Kevin Green, executive managing director of Institutional Property Advisors, a division of Marcus & Millichap and IPA’s Joseph Grabiec and Gregory Harris represented the seller, a private multifamily investment firm. The team also procured the buyer, LA Apartments.
Completed in 1985, Haven Warner Center is a three-story asset with a mix of 50 studios, 80 one-bedroom/one-bath units and 75 two-bedroom/two-bath apartments. Common area amenities include a swimming pool and spa, barbecue area, fitness center, clubhouse, leasing office and 410 parking places.
“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,” Green said in a statement. “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 Grabiec said that Haven Warner Center is ideally located. According to data from Calabasas-based Marcus & Millichap, Warner Center is currently 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. Major employers near Haven Warner Center include Northrop Grumman, United Airlines, Dassault Systèmes SE, ADP and Allied Universal. Beyond the Woodland Hills area, there are more than 1 million jobs in hubs such as West Los Angeles, Santa Monica, Culver City, Hollywood, Sherman Oaks, Glendale, Burbank, downtown Los Angeles and Thousand Oaks.
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.
“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. “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.”