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SOUTHERN CALIFORNIA NEWS
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Universe Holdings Spends $25 Mil on 122 Res Units in the San Fernando Valley

4/10/20

Universe Holdings has acquired a 122-unit multifamily portfolio in the northern San Fernando Valley community of Granada Hills for $25.5 mil, or $209k/unit. The acquisition increases Universe’s portfolio in the San Fernando Valley to 23 properties with just over 1,000 units.

The portfolio consists of Boardwalk and Park Place Apartments (56 units), Devonshire Apartments (38 units) and Granada Pine Apartments (28 units). The properties have remained under family ownership since being built in the 1960s. They have not been significantly upgraded over the last several decades, providing a significant value-add opportunity for Universe.

“The buildings and grounds of all three properties were well maintained, but not substantially enhanced, creating a perfect scenario where every dollar we spend on capital improvements will be value creating,” Universe CEO Henry Manoucheri said. “The opportunity to acquire 122 units in a prime rental market in one transaction does not come around very often.”

The Granada Hills submarket boasts a thriving rental market, with 44.8% of the population being renters and a 1.2% vacancy rate. The submarket’s lower cost of living, compared to other large metro areas in Los Angeles, as well as its proximity to major employers, including Northrup Grumman, Kaiser Permanente, the Walt Disney Co, Universal Studios and Warner Bros, continues to drive rental demand.

Universe will rebrand all three properties with Boardwalk and Park Place becoming Chateau Chatsworth (16860-16900 Chatsworth St); the Devonshire Apartments now being Chateau Devonshire Apartments (16700-16716 Devonshire St); and Granada Pine Apartments now Chateau Blackhawk Apartments (16930 Blackhawk St).

Universe will initiate a $2.7 mil capital improvement program to upgrade unit interiors and property exteriors at all three assets. Interior upgrades will include a stainless steel appliance package, vinyl plank flooring, quartz countertops, backsplash, two-tone paint, new lighting fixtures and hardware, as well as shaker style cabinets. Exterior improvements will comprise roof repairs, new exterior paint scheme and siding, upgraded courtyard landscaping and exterior lighting and resurfaced parking lots.

Janet Neman and Angie Gotzev of Kidder Matthews represented Universe Holdings in the transaction. Mark Reynolds at Apex Properties repped the seller.





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