Major Rental Complex Sold for $20 Million
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Warner Creek Apartments, one of the largest apartment complexes in the San Fernando Valley, has been sold to a Los Angeles partnership for $20.2 million.
Ten West Warner L.P. bought the 250-unit complex in Woodland Hills from a Dallas investment company in a deal that was closed in mid-August. The sale was announced Thursday.
National Realty bought the complex in 1977 for $7.8 million. In 1987 it was appraised at $16.9 million.
Ten West Warner is an investment group that has been purchasing property throughout Southern California for the past two years.
Arthur Kleinman, general partner in Ten West Warner, said average rent in the complex is about $850.
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