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The Real Deal Los Angeles

LaSalle Investment spends $157M for multifamily complex in Warner Center

Investors are increasingly turning to the Woodland Hills neighborhood
By Natalie Hoberman | August 03, 2018 12:00PM

LaSalle CEO Jason Kern, 6250 Canoga Avenue

Roughly a month after unloading a multifamily asset in Westlake, LaSalle Investment Management has scooped up another residential complex in Los Angeles.

The Chicago investment wing of commercial brokerage JLL paid $157 million to acquire the Triana apartments, a 362-unit residential complex in the Warner Center, property records show.

PGIM, a subsidiary of Prudential Financial, was the seller. The firm paid $110 million for the five-story building, found at 6250 N. Canoga Avenue, in 2008.

The deal closed July 13.

Triana offers one, two and three-bedroom apartments, as well as a swimming pool and fitness center. There’s also a Morton’s Steakhouse on the ground-floor.

LaSalle owns around 10 properties in the L.A. area, including two office buildings and one industrial site in Silicon Beach, which includes a cluster of Westside cities. Most recently, the firm acquired the Marina Park Business Center in Marina del Rey for nearly $84 million.

Its latest purchases follow an announcement that the firm is raising $1 billion for its eighth value-add fund. The LaSalle Income & Growth Fund VIII, announced in April, will target real estate assets in need of rehabilitation, or repositioning.

Over in the Warner Center, LaSalle will be joining a slew of developers who are building in the Woodland Hills neighborhood. Hanover Company recently requested approvals to build a 394-unit multifamily building in the neighborhood, while California Home Builders is progressing on its third proposed development project in the area.