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6/26/15
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The Verandas, an 81-unit, Class A apartment community in the San Fernando Valley community of Canoga Park, was purchased by CORES Management for $26.3 mil ($325k/unit). It was sold by Canoga Mountain View Associates.
Located at 21535 Roscoe Blvd, The Verandas is currently 95 percent leased. The property features nine- to 20-foot high cathedral ceilings, condominium finishes, wraparound terraces and private rooftop sundecks. The boutique-style community includes courtyards, fountains, a pool and spa, Wi-Fi lounge and gym.
Constructed in 2012, the apartment community is less than two miles from the Warner Center, San Fernando Valley’s largest employment center with over 2.5 msf of Class A office space. The property is located one block from the Orange Line Metro station and is in proximity to a Starbucks, Costco, Vallarta grocery store, and other retail amenities with access to the 101 Ventura and 118 Reagan freeways.
Peter Sherman, Curtis Palmer and Ted Fentin of CBRE’s Beverly Hills office represented the seller in the transaction. Keller Williams Realty’s Sami Dinar, in the firm's Beverly Hills office, advised the buyer.
“The buyer is rightly enthusiastic as The Verandas is poised to take advantage of projected future rent growth now that the recent construction and lease-up of the multi-family project next door is complete, and the nearby Westfield Village retail development is set to open within the coming months,” said Mr. Sherman. “The property will benefit from Westfield Village, bridging two successful retail malls and creating one of the largest retail and entertainment destinations in the country with over 350 tenants.”
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