Equity Residential Completes $107M Sale of Summerset in Chatsworth

Equity Residential has wrapped up the sale of Summerset Village, a 280-unit community nestled in the charming neighborhood of Chatsworth, California, fetching an impressive $106.7 million, equating to approximately $380,893 per unit. This sale marks a significant financial gain for Equity Residential, as they initially acquired the property, considered a Class B asset, back in 1996 for a mere $25.5 million, as reported by Yardi Matrix data.

Expert Transaction Management

The transaction was skillfully managed by a team from IPA, who expertly represented the seller and successfully secured the buyer. Notably, Summerset Village is among the select few properties in the Northwest San Fernando Valley boasting more than 200 units that were constructed post-1980, a fact highlighted by IPA Executive Managing Director Kevin Green in his official statement.

Summerset Village: A Jewel in Chatsworth

The Summerset Village community, completed in 1986, spans a sprawling 24.8 acres and is comprised of 39 two-story buildings. Its unit portfolio offers a variety of options, featuring one- and two-bedroom floorplans ranging from a comfortable 748 square feet to a spacious 1,257 square feet. Each apartment is equipped with modern conveniences such as washers and dryers, with select units boasting the added luxury of fireplaces and private patios. Residents of Summerset Village also enjoy a host of common-area amenities, including a fitness center, tennis court, playground, two swimming pools, and two relaxing spas.

Prime Location in Chatsworth

Located at 11450 N. Poema Place, Summerset Village is conveniently positioned just 32 miles northeast of downtown Los Angeles. Within a 3-mile radius, residents have easy access to the Porter Ranch Town Center and Chatsworth Center, while the beautiful Stoney Point Park is located less than a mile away, providing a picturesque natural escape.

Accomplished IPA Team

The accomplished IPA team responsible for facilitating this successful transaction consists of Kevin Green, Executive Managing Director, Gregory Harris, Executive Managing Director, and Joe Grabiec, Executive Director. Notably, this trio also recently brokered the sale of another attractive San Fernando Valley property, a 205-unit community in Canoga Park, California, earlier this year.