CANOGA PARK, CA—Canoga Mountain View Associates has brought the Verandas multifamily community in Canoga Park to market. The 81-unit property has already received strong interest from potential investors, thanks to the strong surrounding neighborhood with great proximity to the Village, a Westfield mall development currently under construction, and public transit.

“The Canoga Park/Warner Center market has a very mature employment center in the Warner Center, but you also have a game changing retail development called the Village,” Peter Sherman, an SVP at CBRE and the broker who is leading the marketing process on behalf of the seller, tells GlobeSt.com. “I think most people are expecting this to be the strongest retail and entertainment destination, if not in Los Angeles, certainly in the valley. That starts coming online in the fall of this year. The micro neighborhood itself has great walkability to retail, from a Costco to a Lowes and a grocery store. That walkable element plays well to the target renters today.” Sherman also notes that the Metro Orange Line runs right past the apartment community, providing easy transport to the Warner Center and North Hollywood, which from there, connects tenants to the rest of L.A.

This neighborhood and the surrounding developments, many of which were formerly auto garages, have really helped drive both consumer and investor demand in the area. “All of that has really started to change the livability and the perception of this area, and we are already starting to see a lot of residents down in the Warner Canter who are looking to come up and live at the Verandas,” says Sherman.

The seller chose to sell this property because it is between fund cycles, but for the potential buyer, Sherman says the timing is perfect because neighboring developments have recently concluded. “The buyer not only has an opportunity to buy a core-plus property, but also has the opportunity here to re-stabilize the asset. I call it re-stabilize because over the last year to a-year-and-a-half, a next-door development was under construction and wreaked havoc on the leasing of the Verandas,” he says. “So, the property right now is in a catch-up mode. The next-door property is now finished; it is an apartment property. This is a terrific opportunity and terrific timing for the buyer.”

The property is currently 100% leased, and features 20-foot cathedral ceilings, high-end finishes, wraparound terraces and private rooftop sundecks in the interior units, while the community has courtyards, fountains, a pool and spa, Wi-Fi lounge and a gym. “It is a little bit quieter and a little bit more boutique style living,” adds Sherman about the property. He is looking for a core-plus private group or high net worth individual to purchase the property. “There has been significant interest from the core-plus and private investor types,” he says, adding that he expects to get between $26 and $27 million for the property.