As demand for space in Los Angeles’ multifamily market continues to grow, the market has also seen a strong increase in interest from investors. In one recent transaction, The Lighthouse Group purchased a 266-unit apartment complex in Woodland Hills for $96 million, or about $360,900 per unit. According to public records, the property was sold to The Lighthouse Group by Kornreich-Morgen Realty, which has owned the property since it was first developed in the 1970s.
The apartment building, which is also known as Warner Pines, is located at 6220 Owensmouth Avenue. Property records show that the four-story apartment community was built in 1979 and totals 218,113 square feet.
Located in Woodland Hills, just north of downtown Los Angeles, the apartment complex is near a number of shopping and dining amenities, such as at the Westfield Topanga mall. The property is also just off State Route 27 and Interstate 101.
The new owner of the asset was formed in 1997 and currently owns and operates more than 5,000 multifamily units – about $450 million worth of investments. In total, the company owns 23 properties across seven U.S. markets.
However, The Lighthouse Group is not the only company to invest in Woodland Hills’ multifamily market in recent months. In February, Essex Property Trust purchased the 379-unit Vela on Ox apartment complex for $183 million, or approximately $482,849 per unit.
In another recent transaction, Abacus Capital Group acquired a 298-unit apartment community – Eton at Warner Center – for $112 million, or approximately $375,839 per unit.
