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Saturday, Sep 23, 2023

Northridge Apartments Sell for a Combined $17 Million

Two properties in Northridge have sold for a little over $17 million.

Both of the transactions were completed by Matthews Real Estate Investment Services.

A 28-unit apartment building located at 18404 Vincennes St. sold for $7.95 million.

Matthews Senior Vice President Daniel Withers and Senior Associate John Boyett represented the seller in the transaction.

The property, previously owned by a California-based investor, was acquired by a prominent multifamily portfolio holder looking to expand its presence in the Northridge market.

“It is essential to complete a comprehensive market assessment of industry trends, sale comparables as well as what is currently on the market and how long it’s been sitting for sale,” said Boyett. “This will ultimately allow you to position the property to accomplish the seller’s goals and also prevent the listing from losing value in a downward moving market. During the transaction, we implemented a strategic marketing approach that worked phenomenally in achieving the client’s goals.”

The multifamily property is located less than two-tenths of a mile from California State University, Northridge and University Plaza Shopping Center.

“Mid-sized assets in Northridge do not trade often, making this an in-demand property,” said Withers. “We utilized Matthews technology and our combined database to secure a buyer who was looking to move the process along quickly and efficiently.”

Withers and Boyett also completed the $9.1 million sale of a 39-unit multifamily building located at 18424 Halsted St. The property is located less than a mile from California State University, Northridge campus.

The seller, a prominent multifamily investor based in California, was looking to leverage the property’s pricing and the coveted multifamily market to release the asset and invest in other properties. The building — which covers more than 26,000 square feet with the average unit measuring 894 square feet — is within walking distance of a RiteAid, 7-Eleven and Starbucks.

“This property’s location directly off CSUN campus and under five minutes from the Northridge Commuter Rail made this a highly desired asset,” said Withers. “We were able to undergo a quick close, which can be accredited to our dual representation in this transaction.”

The submarket of Northridge consists of more than 70,000 residents.

James Brock
James Brock
James Brock has worked in newsrooms around the world, including in New York, Paris, Abu Dhabi, Dubai, Houston, and Los Angeles. He began his career with a Newhouse News daily, where he served on the news desk and the editorial page. He was the copy chief for The New York Sun, and founded and edited the personal finance section for Abu Dhabi-based The National, among other positions. He has interviewed Anthony Bourdain, Tom Ford, Mark Cuban, and many other individuals, and has written and edited thousands of stories and articles.

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