LA Housing Authority Pays $142M for Woodland Hills Complex

The Housing Authority of Los Angeles has picked up a 335-unit apartment complex in Woodland Hills for $141.9 million,

The public housing agency bought The Clarendon, a five-story complex at 22121 Clarendon Street, next to the 101 Freeway, the Commercial Observer reported.

The seller was Amcal Housing, based in Agoura Hills, which built the apartments in 2020 after bulldozing a longtime post office. Agent Sam Liberow of Marcus & Millichap brokered the deal.

The deal, which closed on Dec. 26, works out to $423,582 per unit. The apartment building sale was the largest in the San Fernando Valley last year, according to the Observer.

In May, KKR provided $101 million in financing for the property, which spans 294,700 square feet off a narrow street west of Topanga Canyon Boulevard.

The Clarendon, designed by Orange-based AO, includes 335 studio, one-, two- and three-bedroom apartments, plus a parking garage for 562 cars, according to Urbanize Los Angeles, which reported the sale in August.

The Housing Authority aimed to reserve three quarters of the units for affordable housing, with 25 percent of units, or 83 apartments, available at market rates.

The affordable component includes 30 percent of units (100) set aside as affordable for households earning up to 80 percent of area median income.

Another 38 percent (127) of the units are reserved for households earning up to 50 percent, with 7 percent of units (23) targeted for households earning up to 30 percent, according to Urbanize.

The purchase was to be financed through bonds, a HACLA loan and LA4LA funding, according to Urbanize.

— Dana Bartholomew