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

Investors are increasingly turning to the Woodland Hills neighborhood

Aug.August 03, 2018 12:00 PM
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.


Related Article

Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

One of nation’s biggest apartment builders scores $165M refi on West LA development

From left: Canyon Crest Views Apartments and Sunset Ridge Apartments

Multifamily investor Afton Properties adds nearly 1K units to portfolio

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

Daniel Wrublin (right), principal of Dalan Management and Gregory Fowler, managing partner at FPA Multifamily with The Vue Apartment Homes in San Bernardino

A strong industrial market in San Bernardino is spurring a multifamily boom

Michael Sorochinsky, Steven Fifield, Mike Parrell, and Next on Sixth

Big deal: Sam Zell’s Equity Residential buys 398-unit Koreatown resi complex

(Credit: Wikicommons)

More than 10K new apartments hit the LA market in 1 year. That wasn’t enough

JPI CEO Brad Taylor and a rendering of the South Gate project

JPI lands big loan for South Gate’s first apartment project in 30 years