Pacific Urban Investors has bought an apartment complex near the master planned neighborhood of Warner Center in the San Fernando Valley.
The Bay Area-based firm paid $134.5 million for the 324-unit Villas at Woodland Hills complex, or about $415,123 per unit, according to public property records filed with Los Angeles County. The firm did not immediately respond to a request for comment.
The company scored a $54.8 million loan from Berkeley Point Capital for the acquisition; terms of the loan were not disclosed.
San Francisco-based investor SPI Holdings, led by developer Dennis Wong, sold the property, which is located at 5807 Topanga Canyon Boulevard. Wong, who is also a shareholder in the Golden State Warriors NBA team, bought the property for $96.5 million in 2018, marking the first time the property had traded hands in 25 years.
Rents at the complex currently range from $2,425 per month for a one-bedroom to $2,951 for a two-bedroom unit, according to online listings for the property. That’s about average for the area — monthly rent for a one-bedroom across the Warner Center-Woodland Hills area currently stands at about $2,504, according to Zumper.
The sale is also one of the pricier deals to trade across the neighborhood in recent months. In May, Gary Leshold of L.A.-based The Lighthouse Group bought a 266-unit complex at 6220 Owensmouth Avenue for about $360,900 per unit.
Since merging with multifamily private equity investor Hanover Real Estate Investors in September, Pacific Urban has been on a shopping spree across California. Last month, the firm bought a 246-unit apartment in the Northern California city of Fremont for $127 million.