CT's new asset is a 250-unit property at 6333 Canoga Ave., which it bought from BRE Properties Inc. of San Francisco. Just last November, the company paid $21.5 million for two apartment complexes in the Toluca Lake District of Burbank.
The new CT property, the Arbors at Warner Center, is about a mile north of the Ventura (101) Freeway in Warner Center. The complex, which was 95% occupied at sale time, consists of 12 two- and three-story buildings that encircle a swimming pool and spa, an exercise center and clubhouse. All units have central heating and air conditioning, of which several have vaulted ceilings and fireplaces. Units also boast high-speed Internet access through T-1 lines. The complex features landscaping and fountains throughout the property. Raymond A. Polverini, vice president of multifamily properties for CT Realty, says the new ownership plans further improvements to the property.
The Arbors complex includes 116 one-bedroom, one-bath units; 60 two-bedrooms, two-baths; 33 two-bedroom, one-bath; 32 studios; and nine three-bedroom, two-bath units. The apartments range in size from 457 sf to 1,125 sf and rent for $975 to $1,725 per month. The seller had owned the 25-year-old complex for about five years.
Dan Naddor and Lonnie Nadal of CT Realty represented the joint venture partnership in the transaction. The seller was represented by Sean Deasy in the Ontario, CA office of CB Richard Ellis Inc. The Chicago office of Berkshire Mortgage Finance provided debt financing.
CT Realty Corp. has completed more than 100 transactions totaling more than $1 billion since it was established in 1994, including acquisitions, dispositions, development and redevelopment. Its portfolio includes industrial, suburban office and multifamily properties.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.