OAKWOOD WEST BEING SOLD.Byline: Gregory J. Wilcox Staff Writer The owner of Oakwood West, one of the largest apartment complexes in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. , is selling the 400-unit property, the Daily News has learned. West Los Angeles-based R&B Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Group, owner of the property and parent of Oakwood Corporate Housing, is in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. with an as yet unidentified buyer. Terms have not been disclosed. The Woodland Hills facility, which fronts Victory Boulevard Victory Boulevard is a major thoroughfare on Staten Island, measuring approximately 8.0 miles (12.87 km) and stretching from the west shore community of Travis to the upper east shore communities of St. George and Tompkinsville. and Randi Street, is one of seven properties nationwide the company is selling in a single transaction that is part of a broader expansion plan. R&B owns 43 apartment properties worldwide. The sprawling facility, formerly known as Oakwood Garden Apartments, includes the west complex and the 800-unit east complex. R&B is retaining the latter. ``We have been notifying residents that there may be a management change before the end of the year,'' said Oakwood spokesman Robert Phillips. ``It could wind up with nothing happening, but we like to alert them that there could be a change.'' He expects that the new owner might change the name of the complex while maintaining it as an apartment complex. Phillips said the company decided to sell off part of its Woodland Hills holdings because of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. market conditions. ``It's a good time in the market. Oakwood is growing very rapidly around the world and we've identified some properties we're going to be renovating and some properties we're selling and other properties we're interested in buying to expand our brand name,'' he said. One of those recent acquisitions is the former Oak Crest, a 154-unit apartment complex in Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. . The company took over that property a week ago and will change its name to Oakwood Thousand Oaks. Los Angeles-based R&B built the Woodland Hills West complex for $10 million in 1970. Rents ranged from $150 for a furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. single to $350 for a furnished two bedroom when it opened. Those same units now rent for $1,647 to $2,537, respectively, on a month-to-month basis. Prices are about 50 percent less if leased for a year, the company said. CAPTION(S): Map Map: Oakwood West |
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