IEC, a Bay Area-based discretionary fund manager, has purchased Warner Center Townhomes, a 27-unit res property in the western San Fernando Valley community of Woodland Hills, for $11.5 mil ($426k/unit). Built in 2005, the property is located at 6737 De Soto Ave, within the upscale Warner Center submarket.
The seller, an entity associated with Pacific Crest Realty, purchased the property several years earlier for $9.8 mil and had cosmetically enhanced all common areas.
“When we purchased the building, The Village at Westfield Topanga was still in the planning stages and now with its enormous success, it is reinforcing Warner Center’s position as the new Downtown of the San Fernando Valley,” commented Dan Tenenbaum, President of Pacific Crest. “The marketing effort attracted the attention of over 100 capital sources from active investors including private individuals, sponsored equity groups, and value-add experts.”
Dean Zander with CBRE represented both parties in the transaction.
“This closing is further proof of demand in the “value-add” space for well-located urban infill properties,” noted Zander. “Warner Center has experienced substantial growth and development highlighted by The Village at Westfield Topanga as well as continued expansion with developments including the Promenade 2035 and Uptown at Warner Center, located just west of the property.”
Warner Center contains over 6 msf of Class A office space. The submarket supports over 200,000 jobs. Major employers include Sun America, Unitrin County Mutual Insurance, Farmers Insurance, Blue Cross, Life Care Assurance, Morgan Stanley/Smith Barney Health Net, Intuit, United Online, Viking River Cruises, Universal Music Group, and Wells Fargo.