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12/19/16
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A U.S. subsidiary of Beijing-based BCEGI International Co LTD paid $18.8 mil for a development site in the Warner Center area of Woodland Hills. The property, located at 6041 Variel Ave, currently houses two vacant industrial buildings totaling 84.3k sf of space.
The property is located near The Village at Westfield Topanga and other major malls. It is within walking distance to more than 6 msf of office space, and numerous dining and hotel amenities.
Laurie Lustig-Bower and Kamran Paydar of CBRE’s Multifamily Capitals Market in Los Angeles represented the seller, Selective Real Estate Investments. According to Lustig-Bower, investors from China and throughout Asia view Los Angeles as a top destination for development opportunities.
“We continue to see strong demand from overseas groups looking to invest either on their own or with local partners in our market,” said Paydar. “The buyers pursued this western San Fernando Valley development opportunity because of the strong multifamily fundamentals and close proximity to world-class retail amenities and Warner Center’s Class A office employers.”
Vacancy rates for multifamily properties in Los Angeles had a slight increase from the start of the year through the third quarter as large amounts of new supply continue to be delivered, outpacing demand growth, according to CBRE’s latest research report. Completions for multifamily units totaled 6,001 through Q3 and are expected to reach 8,793 units by the end of 2016, the largest amount of completions in a single year over the past 20 years. In the past five years, rental rates in Los Angeles have risen from $1,794 to $2,241 per unit, a 26.7 percent increase.
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