WOODLAND HILLS, CA-A private investor has acquired the multifamily property the Mercer at Warner Center for $88 million in a 1031 exchange for the $60-million acquisition of the Crenshaw Village apartment portfolio, reported in a previous story on GlobeSt.com. Although involved parties could not confirm, GlobeSt.com industry sources have revealed Jones and Jones Management Group as the purchaser and a joint venture between Rockwell Capital and Bascom Group as the seller. GlobeSt.com was unable to reach either party for comment.
Located at 22100 Erwin St. in Woodland Hills, CA, the 477-unit property sits on eight acres. At $88 million, the per-unit cost is $184,000. The property has recently undergone $9 million in renovations, and currently features luxury amenities, including dual pools with cabanas, lighted tennis courts, a fitness area and community recreation areas for grilling and picnics. As for the location, the property is surrounded by office, retail and industrial space, providing vast tenant opportunities.
Marcus & Millichap Capital Corp., arranged financing for the purchase, securing a $61.6 million nonrecourse acquisition loan at a fixed interest rate that was locked at 50 basis points lower than interest rates after the recent increase.
The submarket has seen a handful of notable transactions this year. Earlier this month, GlobeSt.com reported an off-market sale of the 100% occupied Woodland Hills Shopping Center, and earlier this year, the Warner Gateway office campus traded hands for $40 million.