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

Los Angeles /
Oct.October 02, 2018 10:00 AM
MG Properties Group CEO Mark Gleiberman and Carillion Apartment Homes

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. 


Related Articles

arrow_forward_ios
Oaktree’s  Howard Marks with 444 S. Flower Street (Oaktree, Getty)
Coretrust loses DTLA tower to Oaktree in foreclosure
Coretrust loses DTLA tower to Oaktree in foreclosure
Tova Capital's Zach Boren along with 205-233 East Anaheim Street in Long Beach (Getty, Tova Capital, Google Maps)
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
Tova Capital buys 35K sf shopping center in Long Beach for $6.2M
HFH's William Allen, 217 S Barranca Street, West Covina
Family office pays $38M for West Covina apartments
Family office pays $38M for West Covina apartments
Compass' Scott Tamkin with Senderos Canyon
263-acre Bel-Air canyon up for auction with $39M starting bid
263-acre Bel-Air canyon up for auction with $39M starting bid
RBM's Hiro Kobayashi with 11264 La Grange Avenue
RBM buys film company HQ in Sawtelle for undisclosed price
RBM buys film company HQ in Sawtelle for undisclosed price
LA Offices vs LA Warehouses
LA County office vacancy rises to 16.5%, study finds
LA County office vacancy rises to 16.5%, study finds
25530-25765 Springbrook Avenue, Santa Clarita
Scenic Expressions leases 300K sf warehouse in Santa Clarita
Scenic Expressions leases 300K sf warehouse in Santa Clarita
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...