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11/01/23
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Summerset Village, a 280-unit multifamily property situated in the foothills of the Santa Susana Mountains, sold for $106.65 mil, or $381k/unit. The property is located at 11450 Poema Pl, just north of the 118 Fwy at Topanga Canyon Blvd, in the western San Fernando Valley community of Chatsworth.
Completed in 1986, the asset has 39 two-story residential buildings, two solar-heated swimming pools, two hot tubs, a beach volleyball court, and direct access to hiking trails. Apartments have full-size washers and dryers and panoramic views. Select units have fireplaces, wrap-around patios, and direct access garages.
Summerset Village is within a 10-minute drive of premium retail centers in the San Fernando Valley, including The Vineyards at Porter Ranch, Northridge Fashion Center, Westfield Topanga, and Warner Marketplace. Chatsworth is home to over 22 msf of office, industrial, and flex space, and there are 1 million-plus jobs in nearby Warner Center, Burbank, Glendale, Pasadena, Hollywood, West Los Angeles, and Ventura County.
Kevin Green, Joseph Grabiec and Gregory Harris with Institutional Property Advisors represented the seller and procured the institutional buyer.
“Well-maintained by an institutional owner for over 25 years, Summerset Village is one of only 10 multifamily properties with 200 units or more in the Northwest San Fernando Valley built since 1980,” said Green. “The submarket has experienced 25% rent growth over the last 24 months while maintaining occupancy over 96%.”
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