CANOGA PARK, CA—Cores Management has purchasedthe Verandas apartment complex in Canoga Park fromCanoga Mountain View Associates for $26.3 million.The property attracted ample attention from investors because itoffered higher in-place yields than properties two miles south inthe heart of the Warner Center.

“The property is a core plus asset, luxury, condo quality, builtonly a few years ago in an improving, secondary location,”Peter Sherman, a broker at CBRE,tells GlobeSt.com. “This was an opportunity to acquire at a higherin-place yield than similar quality assets two miles south in theheart of warner center while still benefiting from the same demanddrivers due to the property's proximity and access tojobs/retail/entertainment amenities in the area.” Shermanrepresented the seller in the transaction along with his colleaguesCurtis Palmer and Ted Fentin,while Keller Williams Beverly Hills andSami Dinar representedCores.

Located at 21535 Roscoe Blvd., the property has 81 units and is95% leased. The interior units feature 20-foot ceilings wrap-aroundterraces and rooftop decks. Onsite amenities include courtyards,fountains, a pool and spa, Wi-Fi lounge and gym. The qualityproduct attracted nine offers from high net worth buyers andprivate investors backed by institutional capital. According toSherman, the seller disposed of the asset as the result of aninternal fund decision.