9901 Lurline Ave.
Waterstone, a 354-unit building in Chatsworth, sold for $ 101.8 million, or more than $ 288,000 per unit.
Lincoln Avenue Capital, a buyer and developer of affordable and labor-intensive housing, purchased the property.
Located at 9901 Lurline Ave., Waterstone is the largest multi-family property in the submarket, according to CBRE.
Built in 1971, the property has undergone extensive renovations and features an outdoor swimming pool and gym, a clubhouse, several courtyards, outdoor grilling stations and restaurants. ‘a dog park.
Dean Zander and Stewart Weston of CBRE represented the vendor, Nuveen Real Estate.
“The buyer has recognized the inherent value of providing housing for the workforce in an area where there is a clear need,” Zander said in a statement. “Waterstone represents the biggest sale – both in terms of sale price and number of units – of multi-family properties built before the 1980s in the San Fernando Valley in the past 24 months.
Weston added, “With the growing urgency to provide affordable housing in Southern California, Waterstone in Chatsworth will continue to provide stability to working families and qualify as natural affordable housing in a market that has seen a decline. unprecedented rental growth. ”
The Chatsworth submarket has seen average annual rental growth of 5.1% since 2010, according to a CBRE study.
Last week, a multi-family portfolio of two properties totaling 504 units in Simi Valley closed for $ 190 million, or approximately $ 377,000 per unit.