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Friday, Jan 27, 2023
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Trio of Northridge Apartment Buildings Sell for $55.5 Million

Three multifamily properties in Northridge have sold for $55.5 million.

The two-property Zelzah Avenue portfolio and Northridge Pointe totals 246 units in Granada Hills and Northridge. Northmarq’s Los Angeles investment sales team, consisting of Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan, and Steven Goldstein, represented seller Upside Investments and buyer LAApartment.biz.

“This portfolio was a very rare opportunity, given the core central San Fernando Valley location of the three assets, as well as the number of units. The buyer, who is a long-term holder, will be able to maximize the values of these assets through an extensive modernization plan,” Hanassab said in a statement.

Adjacent to the 44-acre creative office and retail center the Mix at Harman Campus, Northridge Pointe, a three-story, 68-unit multifamily property originally built in 1964, is located at 8511 Balboa Blvd. Community amenities include laundry facilities, an elevator, a fitness center and a picnic area.

The Zelzah Avenue portfolio includes two buildings totaling 178 units.

Built in 1962, the Villa Verde Apartments, located at 10339 Zelzah Ave., contains 90 units. Community amenities include laundry facilities, a fitness center and a pool.

Built in 1960, the Zelzah Avenue Apartments have 88 units. It is located at 10331 Zelzah Ave. Community amenities include laundry facilities, a fitness center and a pool.

“Due to the lack of transactions occurring in the Northridge/Granada Hills area, we were able to generate double-digit property tours and offers,” Hanassab said. “The buyer with the winning bid knew this was a unique opportunity, so they quickly moved to submitting a fully non-contingent offer to ensure they separated themselves from the rest of the interested parties.”

Hannah Madans Welk
Hannah Madans Welk
Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.
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