A multifamily-focused investment firm based in North Carolina purchased a 394-unit apartment complex in Canoga Park, its third lard multifamily acquisition in Los Angeles County.
Bell Partners acquired Hanover Warner Center at 21050 Kittridge Street. The complex will be renamed Bell Warner Center. The deal was announced Monday.
Terms were not disclosed but Bell’s two previous apartment purchases in L.A. were roughly $100 million each. The firm secured an acquisition loan from Fannie Mae.
The seller was Houston-based Hanover Company, which developed the complex in 2020, records show. Hanover bought the site for $31 million in 2019. Rents range from $1,840 to $3,642 a month.
Bell acquired the property through its Core Fund I, according to its head of acquisitions, Nickolay Bochilo. Formed earlier this year, the $800 million venture with institutional investors is focused on multifamily acquisitions across 15 major U.S. markets, including L.A.
Bell also owns a 212-unit complex in Pasadena, which it purchased in 2018 for $95.3 million, and a 264-unit complex in Inglewood, which it purchased the same year for $123 million.
The firm’s Canoga Park property is located in the Warner Center area — a business and residential development with over 2 million square feet of office space.
The neighborhood has also been a hot spot for multifamily investment and development. Alliant Capital and Strategic Realty are planning to build a 148-unit complex at 7340 North Topanga Canyon Boulevard to replace a two-level office building.