Compelling Bay Area Opportunity: Northridge Apartments represents the rare opportunity to acquire a 221-unit, garden-style multifamily community located in Pleasant Hill, California, ideally situated near thriving lifestyle and employment centers in the San Francisco Bay Area.
Value-Add Opportunity: Although current ownership modestly upgraded 213 units between 2009 and 2013, the competitive set suggests a future owner can achieve significant rent premiums through a more comprehensive, luxury interior renovation program. For the same unit type, rents at renovated assets within the submarket are as much as $600 higher than in-place rents at Northridge.
Significant Capital Improvements: Current ownership has completed multiple comprehensive capital improvements, including a $3 million exterior project to reside the entire property with HardiePlank, waterproof the elevated concrete landings, and replace all windows and sliding-glass doors.
Compelling Unit Mix: Over 75 percent of the unit mix is comprised of two-bedroom and three-bedroom homes averaging 1,152 square feet and bolstering the property's average unit size to a notable 1,064 square feet.