Woodland Hills apartment complex trades for first time in 50 years

Gary Leshgold bought 266-unit complex from Kornreich-Morgen Realty

The Lightstone Group's Gary Leshgold and 6220 Owensmouth Avenue (LinkedIn/Gary Leshgold, ApartmentFinder.com, iStock)
The Lightstone Group's Gary Leshgold and 6220 Owensmouth Avenue (LinkedIn/Gary Leshgold, ApartmentFinder.com, iStock)

An apartment complex in Woodland Hills was traded for the first time since it was built in the 1970s.

Gary Leshgold of Los Angeles-based The Lighthouse Group bought a 266-unit complex at 6220 Owensmouth Avenue for $96 million, or about $360,900 per unit, according to public property records filed with Los Angeles County. Leshgold did not respond to a request for comment.

Affiliates of Kornreich-Morgen Realty, a firm based in Century City, sold the property. The firm, linked to Howard Schweitzer, has owned the property since it was built, though it’s unclear whether Schweitzer developed the building.

Leshgold scored a loan from JPMorgan in connection with the purchase, records show; details of the loan were not disclosed.

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The property has already been renamed the Fusion Warner Center, reflecting its proximity to the master-planned neighborhood and development.

Rents at the complex range from $2,075 per month for a studio to $2,920 for a two-bedroom unit, according to online listings for the property.

The average rent for a one-bedroom apartment in Woodland Hills is currently $2,500 per month, according to Zumper — about 18 percent higher than May of last year.

The deal may be one of The Lighthouse Group’s priciest acquisitions — the company tends to focus on buying multifamily properties for between $5 million and $40 million, according to its website. It currently owns and operates more than 5,000 units across seven different cities.

In Los Angeles, the company also owns a complex at 189 North Marengo Avenue in Pasadena — a 51-unit building that was constructed in 1924. The Lightstone Group bought that complex for $6 million in 2011, records show.