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
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Vacant Hollywood Hills property tied to Betty Ford finds buyer
Red Oak Investments' Alex Wong and A-1 Trailer Park (Google Maps, Red Oak)
Presto on PCH: apartment developer plans to make trailer park disappear
Presto on PCH: apartment developer plans to make trailer park disappear
The portion of land with renderings of proposed development (LoopNet)
6 percent of Bel Air on discount
6 percent of Bel Air on discount
600 East Broadway (SRS)
$43M price check at Vons supermarket in Long Beach
$43M price check at Vons supermarket in Long Beach
Lone Star Funds founder John Grayken and Westin LAX (Lone Star, Marriott)
Price revealed: Lone Star paid $71M for Westin LAX
Price revealed: Lone Star paid $71M for Westin LAX
CGI+ CEO Gidi Cohen and 5200 South J Street in Oxnard CA (CGI+, Google Maps)
CGI+ buys Ventura County apartment complex
CGI+ buys Ventura County apartment complex
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
Anti-drone specialist takes 100K sf warehouse in Torrance
arrow_forward_ios

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

Loading...