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Thursday, Mar 28, 2024

Greenbridge Buys Apartment Complexes for $15M

Firm sees lots of profit potential in multifamily

Greenbridge Investment Partners, a Los Angeles-based commercial real estate investment firm, has entered the multifamily market with the acquisition of a trio of apartment properties in the San Fernando Valley totaling $14.8 million.

The company, which purchases underachieving projects with the highest potential of becoming “best-in-class” assets, has taken ownership of 15042 Dickens St. in Sherman Oaks for $5.9 million; 21133 Saticoy St. in Canoga Park for $5.3 million; and 13001 Vanowen St. in North Hollywood for $3.6 million.

“Greenbridge specializes in identifying properties that are ripe for significant profit potential, but often overlooked by other owners and investors,” Greenbridge Partner Josh Farahi said in a statement. “As Southern California emerges from the pandemic and its significant impact on public and rent behavior, these assets became available in the right places at the right time – just as multifamily real estate is regaining its pre-pandemic momentum.” 

The company’s newly created multifamily portfolio is a combined 60,000 square feet of space with 56 units.

Located in the heart of Sherman Oaks just east of the 405 freeway, 15042 Dickens St. is a mix of 16 one- and two-bedroom units. 

The asset at 21133 Saticoy St. is a townhome-style property in Canoga Park which features 21 two- and three-bedroom units with private patios. It is located minutes from the Westfield Topanga and Westfield Village shopping malls.

The North Hollywood location at 13001 Vanowen St. features 19 one- and two-bedroom units situated near the new NoHo West commercial center. 

“We believe in the San Fernando Valley as a whole,” Farahi said. “What we’re seeing is as Sherman Oaks and the most southern side of the Valley becomes more expensive with cost of living going up, we see the inner part of the Valley going up as well. We see an opportunity to capitalize on some of the gentrification going on.”

Farahi said that the luster has left downtown Los Angeles and so West L.A., Culver City and the beach towns have even more pricing pressure.

“That’s pushed people into the Valley,” Farahi said – specifically, the heart of the Valley in neighborhoods such as Van Nuys, Valley Village and North Hollywood.

“We’re very bullish on the Valley,” Farahi said.

For the most part, Greenbridge has purchased these apartment buildings with the intent on keeping them.

“We buy to own for the long term,” Farahi said. However, down the line Greenbridge might exchange the buildings if the right deal came along.

“They are in neighborhoods that are in the path of growth and two of them were by the same owner for a long time so they’re well-maintained but they’re ripe for improvement,” Farahi said. “It’s a good opportunity to fix these buildings up.”

A delicate part of the process will be helping to relocate the tenants while the newly acquired buildings are overhauled.

“It’s the most challenging part of the process but we have a good reputation of working with tenants and doing right by them,” Farahi said.

Founded in 2012, Greenbridge Investment Partners has developed an extensive portfolio of properties across multiple commercial sectors, including 19500 Ventura Medical Oasis in Tarzana; the former Pasadena Star-News building at 525 Colorado Blvd. in Pasadena; SIX25 Fair Oaks in South Pasadena; a fully-leased medical office building at 111 E. Victoria St. in Santa Barbara; and Seattle Design Center.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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