IPA Sells San Fernando Valley Apartment Complex for $43.55 Million
NORTHRIDGE, Calif., Dec. 30, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Candlewood North, a 189-unit multifamily community in Northridge, California. The $43.55 million sales price equates to more than $230,000 per unit.
“Located within a dense infill submarket of Los Angeles County, the property is a sizeable asset that provides new ownership with significant value-add potential,” says Greg Harris, IPA executive director.
Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, Essex Property Trust. Harris, Green and Grabiec also procured the buyer, Waterton, an investment and management firm based in Chicago.
“The apartment community’s location adjacent to California State University, Northridge gives it a built-in renter pool and the ability to maintain consistently high occupancy levels throughout all real estate cycles,” adds Green.
Candlewood North is located at 9830 Reseda Blvd. in Northridge near major freeways and within approximately two miles of the Northridge Metrolink station, which provides public transit access to employment hubs such as the Warner Center, Studio City, Burbank and Downtown Los Angeles. Nearby employers include Boeing, Rocketdyne, The Walt Disney Co., Anheuser-Busch, Nestlé and Health Net.
The property consists of three buildings totaling 166,910 net rentable square feet situated on 3.2 acres. Community amenities include an outdoor gazebo, two large swimming pools and spas and a barbecue/picnic area. The unit mix features 13 studios, 118 one-bedroom apartments, and 58 two-bedroom units. The average apartment size is 883 square feet.