VITAL STATISTICS
VELA ON OX
21221 W. Oxnard St., Woodland Hills
Square Footage: 441,265
Deal Value: $183 million
Completed in 2018, Vela on Ox is a 379-unit multifamily asset located in the Warner Center submarket of the San Fernando Valley. The property achieved impressive rental benchmarks throughout the early stages of lease-up, and throughout 2019 though encountered substantial operational challenges during the onset of the COVID-19 pandemic. Ultimately, at the property’s operational nadir, rents had dropped 10%, concessions had increased to one month or more, and a number of residents stopped paying rent in the face of COVID hardship. Kevin Green, Joe Grabiec and Greg Harris of IPA were able to leverage the property’s surge in leasing momentum in Q3 and Q4 of 2021, the strong rent growth projections for Warner Center submarket, and close relationship with the buyer to negotiate a strong offer that ultimately consummated in a sale in Q1 2022.
The asset features market-leading designer interiors and a cutting-edge series of amenities totaling over 100,000 square feet (inclusive of outdoor spaces).
In the face of the substantial financial challenges encountered during the COVID pandemic, the buyer was able to look past the near-term challenges given the high quality of the asset and belief that the operations would be strong in the long term.
VITAL STATISTICS
JEFFERSON SOLA
10920 Garfield Ave., South Gate
Square Footage: 221,928
Deal Value: $130 million
What was unique about the Jefferson SoLA deal is that it was the newest and only luxury rental option in the immediate area of South Gate at the time of its sale. Completed in November 2021, the multifamily property was approximately 50% leased, and reached stabilized operating conditions within a few months of the sale. Among the challenges that CBRE’s Dean Zander was able to successfully overcome in this transaction is the seller’s request for targeted marketing, which meant the sale had to take place without mass exposure to the market.
VITAL STATISTICS
FASHION PARK APARTMENTS;
GLEN HAVEN APARTMENTS;
FASHION LANE APARTMENTS
4405 Rosemead Blvd.; 5123-5205 Rosemead Blvd.; 4436-4438 Ivar St. & 3815 Baldwin Ave.
Square Footage: 215,691 (combined)
Deal Value: $68 million
Lee & Associates LA North/Ventura’s national multifamily director Warren Berzack negotiated the sale of a three-building multifamily portfolio located in the San Gabriel Valley for approximately $68 million. This portfolio signals an extraordinarily strong demand for the multifamily market, particularly those that offer a value-add reposition play. There is also a limited quantity of large property types like this on the market. All of this, coupled with low-interest rates, excess liquidity, and high demand, created a tremendous appetite for this portfolio.
