Waterstone Represents San Fernando Valley’s Largest Sale in 24 Months

Waterstone, a 354-unit apartment building in Chatsworth, recently sold for $101.8 million to Lincoln Avenue Capital. Located at 9901 Lurline Ave., Waterstone is the largest multifamily property in the submarket.

CBRE’s Dean Zander and Stewart Weston represented the seller, Nuveen Real Estate.

“The buyer recognized the inherent value in providing workforce housing in a neighborhood where there is a clear need. Waterstone represents the largest sale both in sales price and number of units of pre-1980s built multifamily properties in the San Fernando Valley over the last 24 months,” said Zander.

Built in 1971, the property has undergone an extensive exterior and interior renovation program. It features an outdoor pool and gym, clubhouse, several courtyards, outdoor grilling stations and dog park.

“With the increasing urgency to provide affordable housing in Southern California, Waterstone at Chatsworth will continue to provide stability for working families and qualifies as naturally occurring affordable housing in a market that has seen unparalleled rent growth,” adds Weston.