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| The Mercer at Warner Center, Woodland Hills District, Los Angeles, CA |
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| Greg Harris |
WOODLAND HILLS, CA – Institutional Property Advisors (IPA),
a multifamily brokerage division of Marcus & Millichap serving the needs of
institutional and major private investors, has arranged the sale of The
Mercer at Warner Center, a 477-unit multifamily complex in Woodland Hills,
a district within the city of Los Angeles.
The sale completes a 1031 exchange for the purchaser, a
private investor, who acquired The Mercer for $88 million, or $184,000 per
unit, in an up-leg exchange for Crenshaw Village, a $60 million, 669-unit
apartment portfolio located in the Los Angeles suburb of Baldwin Hills that
closed in September.
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| Ron Harris |
IPA
executive vice presidents investments Greg Harris and Ron Harris,
and IPA directors Kevin Green and Joseph Grabiec advised the
institutional seller on the purchase of The Mercer at Warner Center.
Danny Abergel, a vice president capital markets in
the Encino, Calif. office of Marcus & Millichap Capital Corp. (MMCC),
arranged the financing.
“There is
high demand for luxury apartment homes in this active market and The Mercer at
Warner Center has received more than over $9 million in upgrades,” says Greg
Harris. “The property is poised to take
advantage of continued revenue-generating renovations while maintaining
insulation from new construction rents.”
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| Kevin Green |
“The
Mercer at Warner Center is located just blocks from one of the largest and most
robust business districts in the San Fernando Valley,” adds Ron Harris. “The
property is surrounded by 6 million square feet of office space, more than 4.5
million square feet of industrial/flex space and 2.2 million square feet of
world-class retail.”
“The
borrower required financing with an interest-only component that will enable
them to implement further capital improvements,” says Abergel.
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| Joseph Grabiec |
“MMCC had seven days to source a lender and finalize terms
for the $61.6 million nonrecourse acquisition loan. We procured the funding on
time and locked in a low interest rate ahead of the market’s almost 50 bps jump
in rates,” adds Abergel.
Built
from 1968 through 1971 and partially renovated between 2006 and 2012, the
294,887-square-foot property is located on eight acres at 22100 Erwin St. in
the Woodland Hills district of Los Angeles.
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| Danny Abergel |
The Mercer at Warner Center is a pet-friendly community that
provides residents with two pools with poolside cabanas, four built-in gas
barbecue grills, picnic areas, a state-of-the-art fitness center with free
weights, cardio and circuit training equipment, a lounge and Internet Wi-Fi
café, lighted tennis courts and elegant water features throughout the grounds.
The apartments offer spacious floor plans, energy-efficient
kitchens, central heating and air conditioning and private patios and
balconies.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations
Manager
(925) 953-1716
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