Chatsworth Apartment Complex Fetches $45 Million

Cielo Apartments, a 119-unit multifamily property in Chatsworth, has sold for $45 million, or more than $378,000 per unit, to an undisclosed private multifamily investment firm. The property is located at 9733 Topanga Canyon Blvd. “Cielo Apartments provides new ownership with a durable income stream and excellent prospects for long-term growth,” Greg Harris, executive managing director of Institutional Property Advisors, a division of brokerage Marcus & Millichap, said in a statement. Harris and IPA Senior Directors Kevin Green and Joseph Grabiec represented the seller, JB Matteson Inc. “Lack of new supply in Chatsworth, Canoga Park and Winnetka supports continued demand and revenue growth for Cielo Apartments,” Green said. Formerly known as Sofi at Topanga, the 2009-built complex was previously purchased by Matteson from original owner Essex Property Trust, Inc. in 2012 for $33.1 million.