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MG Properties bets on Woodland Hills with 264-unit resi purchase
The complex is the latest in a string traded or planned in the changing San Fernando Valley area
MG Properties Group is the latest firm to get in on the multifamily game in Woodland Hills and Warner Center area.
The San Diego firm paid $93 million for a 264-unit complex at 6301 De Soto Avenue. The purchase price worked out to roughly $352,300 per unit.
The seller was Fairfield Residential Company, also based in San Diego. Institutional Property Advisors represented Fairfield in the deal.
The complex, called Carillon Apartment Homes, was built in 2008 on five acres near the intersection of El Rancho Drive. It has one- and two-bedroom units with a pool and gym. The residence is near the Westfield Group-owned Westfield Topanga mall.
Woodland Hills and Warner Center are seeing an influx of multifamily investment over the last several months, in line with the steady stream of office investment there.
The city has encouraged development there, highlighted by the “Warner Center 2035 Specific Plan.” The plan increases density development, including in the multifamily sector.
LaSalle Investments paid $157 million for a 362-unit complex there in August. Hanover Company is also planning a big project, a 394-unit complex on an office and industrial site. Sandstone Properties of Westwood is making a similar play with a 184-unit residential development.