Multifamily Asset in California’s San Fernando Valley Changes Hands
LOS ANGELES, Oct. 2, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Carabella at Warner Center, a 224-unit multifamily asset in the Warner Center/Woodland Hills area of Los Angeles.
“Warner Center’s population has grown 11.6 percent, twice that of Los Angeles County and at the fastest rate of any submarket in the San Fernando Valley. People are increasingly attracted to Warner Center because of its flourishing job market, expanding downtown and proximity to world-class amenities,” said Greg Harris, an IPA executive director. “The area’s submarket fundamentals include average annual household income of $128,746,” added Ron Harris, IPA executive director.
Greg Harris, Ron Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, Fairfield Carabella LLC, represented by Fairfield Residential, and procured the buyer, a private multifamily investment firm.
Carabella at Warner Center is a 218,610-net-rentable-square-foot asset built in 2009 on over five acres. The property is within two blocks of the Los Angeles Metro Orange Line’s Canoga station and is close to major freeways that provide access to many of the San Fernando Valley’s major employers and employment hubs in Burbank, Glendale, Ventura County, Santa Clarita Valley, Westside Los Angeles and Downtown Los Angeles.