Westfield Build Increases Apartment Demand

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.