WOODLAND HILLS, CA-Weintraub Financial of Malibu has paid $10 million for the 39,000-sf El Dorado Business Park and plans to redevelop it as a multifamily project in one of two recent Sperry Van Ness deals that illustrate the continued investor demand for multifamily properties in Southern California. In the other deal, an 18-unit non-rent-controlled apartment complex in Downtown Los Angeles sold for $2.7 million.
The El Dorado Business Park is a combination office and industrial park near the 101 Freeway at 6253 Variel Ave. in Woodland Hills. Both Weintraub and the seller, Westlake Village-based Hamilton Trust, were represented by Jeff Albee and Jeff Gould of Sperry Van Ness in Woodland Hills.
The property, which is situated in a residential area, "was purchased for land value as a redevelopment play," Albee says. He says the location is ideal for a multifamily project because it is close to the freeway as well as the Orange bus line. The site is a 2.18-acre parcel in Warner Center.
In the Downtown Los Angeles deal, a Los Angeles-based private investor bought the Bonnie Brae Apartments at 844 S. Bonnie Brae St. from Los Angeles-based Mulholland Equity Partners, with the seller represented by Brent Sprenkle of Sperry Van Ness in Los Angeles. The price was one of the highest that has been paid per-unit for a comparable Downtown L.A. apartment complex, Sprenkle notes.
The Bonnie Brae property is just east of the 110 Freeway near Wilshire Boulevard. The complex was built in 1991 and was fully occupied at the time of the sale. Its 18 apartments include six one-bedroom units and 12 two-bedroom units, most of which were recently renovated, with rents ranging from $895 to $1,350.
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