The Arbors Apartment Community Gets Flipped For $17 Million Loss?
Man, it’s a slow news week so far in Woodland Hills. Must be all this gloomy weather? So, I’ll cover this mind numbingly boring real estate transaction.
A joint venture between an affiliate of the San Francisco-based Swig Co. and an institutional real estate investment fund managed by Capmark Investments LP has acquired the 250-unit Arbors at Warner Center multifamily residential community located in the Warner Center area of Woodland Hills.
The property was purchased for approximately $33 million dollars — about $132,000 per unit.
Now, what sort of makes it interesting is that back in mid-2006 an Orange County company purchased the property for $50 million.
An Orange County real estate investment firm has paid more than $50 million for the Arbors at Warner Center, a 12-building apartment complex, and will invest several millions more in an extensive renovation, officials said Tuesday. The price paid by Real Estate Partners Inc. to Gateway Arbors LLC works out to about $200,000 per unit.
Now, I can’t exactly tell if it was Real Estate Partners that sold the property in this most recent transaction, but it certainly stands to reason. Maybe the new buyers got a sweet deal, but I’m guessing the seller got hosed thoroughly on this one. $17 million hit has to sting!
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