The apartments occupy a 29 acre-site that will undergo extensive renovations and improvements in preparation for the sale of the condominiums in early 2005, according to attorney Philip Feder of the Los Angeles office of Paul, Hastings, Janofsky & Walker, which represented the Lehman Bros. venture. The Lehman Bros. group bought the property from the Denver-based Aimco apartment REIT, with Aimco represented by Sean Deasy of the Ontario office of CB Richard Ellis, along with Sean Cunningham and Tyler Anderson of CB's Phoenix office.
The transaction is the latest in a series of conversions of apartment buildings into condominiums in Southern California, with both the pace and the size of deals growing quickly. Investors and brokers say that converting to condos is one way to justify the increasingly high prices being paid per unit for apartment properties in the region, where condo conversions took off first in San Diego County before spreading to the rest of Southern California. In another recent San Fernando Valley apartment-to-condo conversion just a few miles from the Warner Center deal, StarPoint Properties LLC sold its 204-unit Forest Glen complex at 20218 Cohasset St. to Skylight Investments of San Francisco for $34 million.
Further details of the $325-million Warner Center deal were not immediately available but will be posted in an upcoming update on GlobeSt.com.
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