Warner Center Multifamily Complex Sells for $96.5 million

SPI Holdings has purchased the sprawling 324-unit Warner Villa apartment complex near the Warner Center for $96.5 million, according to The Real Deal. Utilizing a $52-million New York Life loan, San Francisco-based SPI acquired the 13-building Warner Villa property, located on 9 acres at 5807 Topanga Canyon Blvd. in Woodland Hills, in a deal which closed mid-February. The price calculates to $297,839 per unit. The seller was Universal Properties. The transaction marks the first time the property has changed hands since 1992. Founded by developer and Golden State Warriors shareholder Dennis Wong, SPI Holdings currently holds 10 properties, mostly in Santa Monica. Nine of the properties were obtained through a $431 million negotiation with AEW Capital Management.