|A 246-unit, three-property res portfolio in the northern San Fernando Valley communities of Granada hills and Northridge traded hands in a $55.5 mil ($225.6k/unit) deal. The assets were sold by Upside Investments and purchased by LAApartment.biz, a private investor.
The properties traded were the Zelzah Avenue Portfolio and Northridge Pointe. Located in the thriving San Fernando Valley sub-market, residents of these three assets enjoy a suburban lifestyle with access to major employment centers and urban amenities at a low cost. The portfolio is ideally located near public transportation and major freeways, just five minutes from I-405 and less than ten minutes from the118 Freeway. As home prices continue to rise in the Northridge/Granada Hills submarkets, renting at the Upside Northridge properties offers residents a great opportunity to live in a thriving community with the protections of LA City RSO.
Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan, and Steven Goldstein with Northmarq represented the seller in the transaction. According to Northmarq, the acquisition was viewed as a value-add opportunity.
“This portfolio was a very rare opportunity, given the core central San Fernando Valley location of the three assets, as well as the number of units. The buyer who is a long-term holder, will be able to maximize the values of these assets through an extensive modernization plan,” explained Hanassab.
The purchase includes:
• Northridge Pointe: Adjacent to the 44-acre creative office and retail center, the Mix at Harman Campus, the 68-unit/three-story multifamily property (originally built in 1964) is located at 8511 Balboa Blvd in the Northridge/Granada Hills submarket. Community amenities include: Laundry facilities, elevator, fitness center, and picnic area. Apartment amenities include: High-speed internet access, Wi-Fi, air conditioning, heating, smoke free, cable ready, kitchen, refrigerator, vinyl flooring and balcony. Residents benefit from the property’s close proximity to three shopping centers, all within walking distance. Along with urban attractions, residents have access to numerous outdoor/recreational landmarks, such as Cal State Northridge Botanical Garden (2.1 miles), Lake Balboa (3.2 miles), and The Japanese Garden (5.6 miles). Commuters have easy connections to I-405, I-210, and HWY 101, making the trip to Los Angeles, Santa Clara, and Thousand Oaks quite manageable.
• Zelzah Avenue: The Zelzah Avenue portfolio includes two buildings totaling 178 units. Two shopping centers, The GH and Granada Village, are located in less than 0.7 miles of the properties. Five parks are within 6.6 miles, including Aliso Canyon Park (2.9 miles), Limekiln State Park (3.6 miles), and Reseda Park Lake (5.8 miles). Along with easy access to HWY 118 and I-405, residents are conveniently located a short 3.5 miles from the Northridge commuter rail station. Cal State Northridge is only 1.2 miles from the properties, and a total of three institutions of higher learning are within less than 10 miles.
· Villa Verde Apartments (built in 1962) contains 90 units and is located at 10339 Zelzah Ave in Northridge. Community amenities include: Laundry facilities, fitness center, and pool. Apartment amenities include: High-speed internet access, ceiling fans, smoke free, kitchen, oven, range, refrigerator, and carpet.
· Zelzah Avenue Apartments (built in 1960) contains 88 units and is located at 10331 Zelzah Ave in Northridge. Community amenities include: Laundry facilities, fitness center, pool, gated community, and grill. Apartment amenities include: High speed internet access, air conditioning, heating, smoke free, cable ready, dishwasher, disposal, microwave, refrigerator, views, and balcony.