TIAA buys Valley multifamily complex for $72.5M

Legacy Residential Partners sold 348-unit property

Oct.October 04, 2016 03:30 PM

The real estate arm of pension fund TIAA recently acquired a 348-unit apartment complex in Chatsworth for $72.5 million, or about $208,000 per unit, The Real Deal has learned.

The seller was Foster City-based Legacy Partners Residential, which reached the end of its planned 10-year holding period, according to the deal’s brokers at Marcus & Millichap’s Institutional Property Advisors (IPA) division.

Under Legacy’s ownership, the 1971-built property at 9901 Lurline Avenue, dubbed the Waterstone Apartment Homes, underwent exterior renovations and in-unit upgrades. But more is planned under its new guard.

“It’s a value-add buy,” IPA’s Greg Harris told TRD.

Harris represented both the seller and the buyer, alongside colleagues Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow.

“[TIAA] came into the offer with a strong idea of the San Fernando Valley’s demographics, job base and transit accommodations,” Darrow said. “Even after renovations, they feel they could rent the units at a discount compared to new construction in the area.”

Located just a block from the Topanga Westfield shopping mall and a mile from the Chatsworth Metrolink station, the apartments’ amenities include a clubhouse with pool tables and a lighted tennis court.

TIAA sold its 87,100-square-foot Northpark Village Square for $58 million in July, TRD reported.

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