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11/16/15
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Chateau Winnetka, an 18-unit apartment complex in the west San Fernando Valley community of Winnetka, sold for $4.53 mil, or $252k/unit. The property is located at 7315 Winnetka Ave, between Sherman Way and Saticoy St.
The complex is comprised of 16 one-bedroom and two two-bedroom units, totaling 17.3k sf of space, with an average unit size of 861 sf. Renovated earlier this year, the property features new common area interiors, landscaping, a remodeled lobby, Class A kitchens with granite countertops and stainless steel appliances, wood floors and custom window shutters.
The property is adjacent to Warner Center, the third largest employment base in Los Angeles County. It is in close proximity to the 101, 405 and 118 freeways and the Metro Orange Line.
Melinda Russell of CBRE’s Universal City office represented the seller, Winnetka Partners LLC. The deal closed a t 4.9% cap rate.
Accoridng to Russell, “The seller purchased this property a year ago and fully rehabbed each unit. As a result, vacancies in this higher-quality building rent very quickly, serving as a more affordable alternative to the Warner Center market, where unit prices and rents are substantially higher.”
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