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October 4, 2023
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MULTIFAMILY NEWS
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Warner Center Property Goes for $137/sf in Land Value

4/07/23

CBRE brokered the sale of 6036 Variel Avenue in Woodland Hills, a 1.21-acre multifamily mixed-use development site within Warner Center, for $7,200,000 which equates to $137 per square foot for the land.

CBRE's Laurie Lustig-Bower and Kamran Paydar represented the seller, a private investor. The property was purchased by a

A joint venture of Lyon Living, Paloma Communities, and Urban Stearns closed on a $7.2 mil purchase of a 1.21-acre multifamily mixed-use development site within Warner Center. The deal works out to $137 per square foot for the land.

The property, located at 6036 Variel Ave, includes 22.6k sf of warehouse/industrial space that will be demolished for redevelopment. The buyer intends to build a 200-unit apartment building with a 50-room hotel.

CBRE's Laurie Lustig-Bower and Kamran Paydar represented the seller, a private investor.

ďThe future development envisioned for this site will benefit from Woodland Hillsí strong multifamily fundamentals, favorable income and education demographics, and walkability to public transit via the Metro Orange Line,Ē noted Paydar.

Warner Center continues to receive significant investment capital as demonstrated by the Kroenke Groupís recent $650 mil in acquisitions of more than 65 acres. Kroenke is going to build the headquarters for the Los Angeles Rams, along with two practice fields, in Warner Center.

Warner Centerís office buildings total over 6 msf of office space. Approximately 40,000 employees work within the Warner Center area, with major employers including HealthNet Inc., Zenith Insurance, Kaiser Permanente Hospital, and Pierce College. Major shopping centers serving the San Fernando Valley are nearby, including the Westfield Topanga mall and The Village. Among the retailers are the Apple Store, Nordstrom, the only Neiman Marcus in the City of Los Angeles, and Target, along with dining establishments including Flemingís Steakhouse, Fogo de Ch„o Brazilian Steakhouse, California Pizza Kitchen, and The Cheesecake Factory.

According to CBRE Research, the average household income for the Woodland Hills area, which was $103,146 in 2019, is projected to reach $122,697 by 2024, with 35.4% of the regionís households earning $100,000 or more. Additionally, 50.7% of the population over age 25 has earned a bachelorís, masterís, professional or doctoral degree.






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