Nuveen Sells LA Multifamily Property for $102M
Lincoln Avenue Capital acquired the 354-unit building in Chatsworth
By Greg Cornfield December 7, 2021 3:55 pm
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Nuveen Real Estate has unloaded the 354-unit Waterstone Apartments in suburban Los Angeles for $101.8 million.
Lincoln Avenue Capital acquired the property, according to CBRE (CBRE), which announced the deal and represented Nuveen. The firm first acquired the property for $72.5 million in 2016, property records show.
The property is located at 9901 Lurline Avenue, and it’s the largest multifamily property in the Chatsworth neighborhood, which spans about 15 square miles in the northwestern reaches of the San Fernando Valley. The 50-year old property has undergone extensive renovations over the years.
“The buyer recognized the inherent value in providing workforce housing in a neighborhood where there is a clear need,” said Dean Zander of CBRE. “Waterstone represents the largest sale — both in sales price and number of units — of pre-1980s built multifamily properties in the San Fernando Valley over the last 24 months.”
Suburban markets around Southern California are experiencing the sharpest rent increases since the pandemic hit. The Chatsworth submarket has seen an average annual rental growth of 5.1 percent since 2010, according to CBRE.
Chatsworth is mostly made up of multifamily and single-family residential homes, but this year also featured a $74 million trade for an Amazon delivery facility.
Zander and CBRE’s Stewart Weston represented Nuveen, which has been active across sectors in Southern California. The firm paid $60 million for a fully occupied industrial property in the Inland Empire in the summer. And, in the spring, CO reported Nuveen’s plan to acquire Comcast’s new esports studio on the Glendale-Burbank border for about $53.5 million.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
