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November 17, 2019
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SOUTHERN CALIFORNIA NEWS
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San Fernando Valley Multifamily Property Trades for $250/Unit

7/22/19

Cambridge Courtyards, a 28-unit multifamily asset located in the heart of the San Fernando Valley, sold for $7 mil, or $250k per unit. The property is located at 17931 Devonshire St, south of the 118 Fwy and just west of White Oak Ave in Northridge.

Paul Darrow, Kevin Green, Joseph Grabiec and Greg Harris with THG Multifamily of Marcus & Millichap represented the seller, a private investor. During the marketing process, the team sourced several offers from local and regional investors as well as student housing operators, due to the property’s proximity to California State University, Northridge (CSUN).

“The sales price is a new benchmark for the area and a clear signal of investor optimism in Greater LA multifamily,” said Darrow. “The property benefits from excellent submarket fundamentals, such as vacancy of 3.4%, and average household income of $95,798 that is projected to grow 14% over the next five years. The property also benefits from being a little more than a half-mile from CSUN, which has an enrollment of approximately 38,300 students and 4,000 faculty, ensuring built-in rental demand.”





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