Shekhter sells Canoga Park apartments
Sources say Beverly Hills-based Domino Realty bought 80-unit compex from NMS
After selling a massive parcel in Santa Monica to Tishman Speyer and arranging a $125 million loan for two Los Angeles developments, Neil Shekhter isn’t slowing down.
NMS Properties, run by the Los Angeles-based investor, sold a 80-unit complex in Canoga Park for a little more than $30 million, sources familiar with the transaction told The Real Deal.
Blake Rogers at Walker & Dunlop brokered the deal.
Sources added that Beverly Hills-based investor Domino Realty purchased the property. Domino, founded by Chairman Steven Gordon, has been operating since 1970 and owns office buildings, retail centers, self-storage and RV parks.
The firm did not respond to a request for comment.
Located at 21021 Vanowen Street, the complex neighbors Warner Center — the master-planned, commercial and residential development that crosses Woodland Hills and Canoga Park.
Canoga Park has become a popular neighborhood for multifamily investors, given recent rent growth. Average rent for a one-bedroom unit in the area is currently $1,625 — around 9 percent higher than average rents in January 2021, according to Zumper.
In September, Hanover Company sold a 394-unit complex in Canoga Park to North Carolina-based investment firm Bell Partners, which bought the complex using a $110 million Fannie Mae acquisition loan, records show.
WSC Communities is focusing its efforts on two projects under development after securing a new $125 million construction loan from Madison Realty Capital earlier this month. The new loan allows WSC and its affiliate WS Communities to buy out its partner on the projects at 1550 Lincoln Boulevard in Santa Monica and 11001 Pico Boulevard in West Los Angeles. It also allows the developer to finish up construction on a 100-unit project at 1550 Lincoln, which topped out in 2020, and get started at 11001 Pico.
At the end of last year, Shekhter sold eight developable parcels in Santa Monica to Tishman Speyer for around $150 million.