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CANOGA PARK, CA-Investors from Los Angeles have acquired the 170-unit Riata Apartments from a locally based seller for $21.2 million in a deal that gives the new owner a well-located property on a large site, Dean Zander of the Encino office of Hendricks & Partners says. Zander tells GlobeSt.com that the seller was an entity called Halt-Ten Riata LP that is associated with Pacific Crest Realty of Los Angeles.Pacific Crest is owned and operated by Daniel Tenenbaum, whose firm has acquired and sold more than $85 million in multifamily properties in the Southern California market. Zander tells GlobeSt.com that the Riata, which is at 8561 De Soto Ave., generated multiple offers that came in above the asking price.The 170 units are situated on more than 3.6 acres and could have future development potential because the site is large enough to accommodate up to 200 units, Zander says. The seller recently renovated the complex, which consists of a two-story building with a central leasing office and clubhouse, a courtyard and pool, a gated parking lot, a fitness room and other features. The 170 units include studios, one-bedrooms and two-bedroom units.The 32 studio units average 397 sf and rent for $575 to $910. The 114 one-bedroom units average 654 sf and rent for $654 to $1,100, and the 24 two-bedroom units average 932 sf and rent for $853 to $1,425.Zander points out that the new owner should be able to capture upside by bringing rents up to market. He notes some of the other reasons the property appealed to investors: It is minutes from Warner Center, Cal State Northridge and Northridge Fashion Center, and it fronts a major thoroughfare.

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