Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $12.55 million sale of Park Regency, a two-story 44-unit apartment property located at 7500 Mason Avenue in Winnetka, CA. The asset is located in the heart of San Fernando Valley’s industrial hub, just eight minutes from the dynamic Warner Center, a mixed-use community consisting of 1,100 acres of residential, retail, entertainment, commercial office and manufacturing space.
Executive Vice President Darin Beebower of Stepp Commercial represented the seller and the buyer who are both Los Angeles-based private investors. The property sold for approximately $285,200 per unit and at a cap rate of 3.93 percent.
Built in 1984, Parc Regency includes 36 one-bedroom units, four two-bedroom units, two three-bedroom units and two studios and was 97 percent occupied at the close of escrow.
Community amenities include a large pool and lounge area, laundry facilities and remodeled lobby, leasing office, courtyard and hallways. The property also includes 82 gated subterranean parking spaces. Approximately 65 percent of the units were recently renovated with stainless steel appliances, new cabinet fronts and hardware, wood-grain plank flooring and ceiling fans, and a select few units also include quartz countertops, farmhouse sinks and marble backsplashes.
“With the acquisition of Park Regency, the buyer added the most attractive and recently improved asset in the neighborhood to its portfolio,” said Beebower.
Over 14,000 people call Warner Center home, while another 45,000 arrive daily to their place of business. The Warner Center 2035 Specific Plan ambitiously proposes to add 14 million square feet of commercial space and 49,000 additional jobs. With the expansion of Warner Center, the entire Winnetka/Canoga Park area is transforming rapidly from a sleepier suburban submarket to an urban center to meet demands of the changing demographic. Within one mile of The Parc Regency, Westfield Topanga mall recently underwent a $70 million-dollar upscale, modern renovation, and is now anchored by Neiman-Marcus and Nordstrom, with over 350 high-end retail, dining and entertainment amenities.