Marcus & Millichap Brokers $72.5M Sale of Waterstone Apartment Homes in Metro Los Angeles

by Katie Sloan

CHATSWORTH, CALIF. — Marcus & Millichap has brokered the $72.5 million sale of Waterstone Apartment Homes, a 348-unit multifamily community located in Chatsworth, roughly 30 miles outside Los Angeles.

The property was built in 1971 at 9901 Lurline Ave. The community is located one block south of the 615,400-square-foot Westfield Topanga shopping mall and approximately one mile away from the Chatsworth Metrolink station.

Waterstone offers studio, one- and two-bedroom units with community amenities including lighted tennis courts; barbecue and picnic area with fire pit; clubhouse with billiards; a fitness center; pool and hot tub; and laundry facilities.

Greg Harris, Ron Harris, Kevin Green, Joseph Grabiec and Paul Darrow of Marcus & Millichap’s IPA division represented the seller and procured the buyer in the transaction. Both parties were undisclosed.

“The acquisition gives the new ownership the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership, and strong demand for high-end rental housing,” says Green.

Katie Sloan

You may also like