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Pacific Urban picks up Warner Center complex for $415K per unit

Developer Dennis Wong sold San Fernando Valley property for $135M

From left: Pacific Urban Investors’ Alfred Pace and SPI Holdings' Dennis Wong with 5807 Topanga Canyon Boulevard (LinkedIn, Trulia)
From left: Pacific Urban Investors’ Alfred Pace and SPI Holdings' Dennis Wong with 5807 Topanga Canyon Boulevard (LinkedIn, Trulia)

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.

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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.

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LA MultifamilyWarner CenterWoodland Hills