Meta Housing Buys Office Building in Woodland Hills
A Los Angeles office property steps from a proposed Rams practice facility was sold to an affordable housing developer in another sign of demand in the neighborhood.
Meta Housing, based in Los Angeles, bought the 21300 Oxnard St. property for roughly $16.3 million, according to public records and CoStar data. The deal is the latest in the Woodland Hills neighborhood where real estate demand has risen as Rams billionaire owner Stan Kroenke secures approvals to transform roughly 100 acres into a mixed-use development that includes space for his football team.
Meta’s site currently has a roughly 36,000-square-foot office building, but the property has entitlements for a mixed-use development with apartments, according to marketing materials. A seven-story, 173-unit affordable housing development and an eight-story, 128-unit affordable housing development have been proposed for the site, according to city of Los Angeles records.
Affordable housing is in demand in Los Angeles, one of the nation’s top 20 most expensive multifamily rental markets, according to CoStar data. Roughly 57% of Angelenos are cost-burdened renters, meaning they spend more than 30% of their income on housing, according to a Joint Center for Housing Studies of Harvard University report.
The Woodland Hills apartment market has a 6.5% vacancy rate, above the greater Los Angeles average of 4.9%, according to CoStar data. The market’s average monthly asking rent is $2,550 per unit, above the greater L.A. average of $2,222.
Meanwhile, the Woodland Hills-Warner Center office market has a 21.6% vacancy rate, above the greater L.A. average of 15.4%, according to CoStar data. The market’s average rent is $32.48 per square foot, below the greater L.A. average of $41.62 per square foot.
Meta didn’t respond to an emailed request to comment from CoStar News.
Author Credit: CoStar, Jack Witthaus