The Mercer at Warner Center, a massive 477-unit apartment building in Woodland Hills, has sold for $88 million.
The deal represents not only the largest multifamily sale in the San Fernando Valley this year, but the largest commercial property as well.
Jones & Jones Management Inc. of Playa Del Ray made the purchase after brokers received many offers, said Greg Harris, executive vice president of investment at Marcus & Millichap, who represented both the buyer and the seller.
“We had more than 30 tours of the property and received more than a dozen offers,” he said. “The investor interest was very aggressive.”
Ron Harris, an executive vice president of investments for Marcus & Millichap, also brokered the deal.
The 476,229 square-foot apartment building at 22100 Erwin St. in Woodland Hills was built in 1968, but received major renovations in 2000 as Warner Center became a more attractive area.
It was bought in 2005 for $82.8 million by Bascom Group of Irvine, according to real estate data firm CoStar Group Inc. It was most recently owned by an institutional seller, the identity of which Harris did not disclose.
Mercer is a mix of one-, two- and three-bedroom units and the property features four outdoor barbecue areas, two pools, a fitness center and tennis courts.
“Warner Center is one of the most high-demand locations in Los Angeles for luxury housing,” Harris said.