(Mark Your Calendars for RealShare Apartments 2011, October 20 in Los Angeles).
WOODLAND HILLS, CA-The 477-unit Mercer at Warner Center apartment complex has gone to market unpriced, with Dean Zander and Vince Norris of Hendricks & Partners as the listing agents. The complex, at 22100 Erwin St., comprises six, four-story buildings that were built between 1968 and 1971 and are situated on the south side of Erwin Street just west of Topanga Canyon Boulevard.
In 2007, three of the primary residential buildings were given a complete facelift. Additionally, improvements costing over $1.4 million are slated for completion over the next two months, including new roofing, upgraded elevator mechanical systems, and enhanced landscaping.
The 477 units range from studio apartments to three-bedroom units, averaging 910 square feet. Rents at the property average approximately $1,436, which is 13% below the $1,628 average market rent within the Woodland Hills submarket, according to Zander and Norris.
The Hendricks & Partners brokers say that the property is expected to appeal to a wide variety of investors including REITs, pension fund advisers and high-net-worth private owners. Zander and Norris note that the complex is within walking distance of the Westfield Promenade, Westfield Topanga, and the planned Westfield Village shopping centers.
The surrounding area of Warner Center totals 18.4 million square feet of commercial spaceis, with many new developments and redevelopments either under way or planned. According to the new Warner Center Specific Plan unveiled this month, the city is planning to develop up to 14 million square feet of additional commercial space, thereby doubling the daytime employment to over 80,000 by 2035. Zander and Norris will be conducting property tours over the next 30 days and anticipate a call for offers Thursday, Sept. 22.
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