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May 19, 2022
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Chatsworth Apartment Property Sells for Over $100 Mil


Waterstone, a 354-unit ($287.5k/unit) apartment building in Chatsworth, was purchased for $101.8 mil by Lincoln Avenue Capital, a developer of affordable and workforce housing.

Located at 9901 Lurline Ave, Waterstone is the largest multifamily property in the submarket. Built in 1971, the property has undergone an extensive exterior and interior renovation program. It features an outdoor pool and gym, club house, several courtyards, outdoor grilling stations and dog park.

CBREs Dean Zander and Stewart Weston represented the seller, Nuveen Real Estate.

The buyer recognized the inherent value in providing workforce housing in a neighborhood where there is a clear need. Waterstone represents the largest sale - both in sales price and number of units - of pre-1980s built multifamily properties in the San Fernando Valley over the last 24 months, said Zander.

Weston added, With the increasing urgency to provide affordable housing in Southern California, Waterstone at Chatsworth will continue to provide stability for working families and qualifies as Naturally Occurring Affordable Housing (NOAH) in a market that has seen unparalleled rent growth.

The Chatsworth submarket has seen an average annual rental growth of 5.1% since 2010, according to CBRE research.

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