Canoga Park multifamily complex trades for $54M

Haven Warner Center, a 205-unit apartment building in Canoga Park, sold for $54 million and beat the deadline for L.A.’s ULA transfer tax.

The property at 6530 Independence Avenue traded for about $263,000 per unit, according to an announcement from Institutional Property Advisors, a division of Marcus & Millichap. The Calabasas brokerage represented the buyer LA Apartments, a property management company headquartered near Culver City, and the seller, a limited liability company linked to Northern California property management company Pacific Urban Residential. 

Built in 1985, Haven Warner Center was remodeled by the previous owner and was branded as a luxury apartment building, said Joseph Grabiec of IPA. The building is located in the Warner Center residential and business district that runs through the neighborhoods of Canoga Park and Woodland Hills. The area has gained traction with developers since 2013, when the Los Angeles City Council gave final approval for the Warner Center 2035 Plan. This development plan outlined the development of 19,000 to 26,000 residential units in the district, according to media reports.

Haven Warner Center’s mix of apartments includes 50 studios, 80 one-bedroom/one-bath units and 75 two-bedroom/two-bath apartments. Units offer stainless-steel appliances and vinyl plank flooring, according to a description of Haven Warner Center by IPA. Haven Warner Center’s common amenities include a swimming pool and spa, a barbecue area, a fitness center and a clubhouse. The building offers 410 parking places.

The multifamily building’s rents range from $1,900 for a studio up to $2,750 for a two-bedroom unit, according to listing site Apartments.com. The site said Haven Warner’s units’ square footage range from 450 square feet to more than 850 square feet.

Pacific Urban has made transactions in the Warner Center market before. In June 2022, it closed a $134.5 million deal for the 324 unit Villas at Woodland Hills complex.

The City of Los Angeles’ Measure ULA transfer tax imposes a 5.5 percent tax on all real estate sales over $10 million. The tax becomes effective April 1.