IMT Residential Snaps Up SoCal Multifamily Complex for $107M
IMT Residential has acquired a 280-unit multifamily property in Los Angeles’ San Fernando Valley.
The L.A.-based firm purchased Summerset Village at 11450 Poema Place in Chatsworth for $106.5 million, or just over $380,000 per unit. Equity Residential (EQR), the largest multifamily owner in L.A., was the seller, property records show. Institutional Property Advisors (IPA) brokered the sale but declined to disclose the names of the buyer or seller.
Built in 1986, the property features 39 two-story buildings with one- and two-bedroom apartments and is just north of the 118 Freeway.
“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,” IPA Executive Managing Director Kevin Green said in a statement. “The submarket has experienced 25 percent rent growth over the last 24 months while maintaining occupancy over 96 percent.”
“Chatsworth is greatly undersupplied with luxury housing communities of 50 units or more,” added IPA Executive Director Joseph Grabiec. “Because of this scarcity, large value-add assets like Summerset Village tend to thrive after renovation.”
IMT said it manages over 19,000 residential units across more than 50 properties in nine states. In August, the firm announced it acquired its first community in Orange County when it bought 348 units in Laguna Niguel for $153 million, which was part of a larger $413 million deal, per the Orange County Business Journal.
Nick Trombola can be reached at NTrombola@commercialobserver.com.