San Fernando Valley apartment complex trades for $96.5 million

SPI Holdings paid $96.5 million for a large apartment complex in the San Fernando Valley, the first time the property has changed hands in 25 years.

San Francisco-based investor SPI acquired the 324-unit Warner Villa complex, which sits on almost nine acres in Woodland Hills, records show. The sale price works out to $298,000 per unit.

The deal for the 13-building property along Topanga Canyon Boulevard closed in mid-February. New York Life provided a $52 million loan. Built in 1971, the complex was last sold in 1992.

The seller was Beverly Hills-based Universal Properties. The firm unloaded its only other property, the Union Bank Building office tower in Beverly Hills, to CIM Group in January for $132 million, according to Real Capital Analytics.

SPI Holdings was founded by Dennis Wong, a developer and shareholder in the Golden State Warriors, who has been active in Los Angeles and New York. The bulk of SPI’s 10-property residential portfolio is concentrated in Santa Monica. SPI purchased the nine other residential properties in a single $430.5 million deal with AEW Capital Management in late 2016 through an LLC, Verbena Road Holdings.