Upside Investments Sells 1960s Apartments in LA for $56M
Investment sales are few and far between these days but there’s still action in the multifamily arena in Los Angeles.
LA Apartments.biz has put down $55.5 million to acquire a 246-unit portfolio in the San Fernando Valley, and plans to complete an “extensive modernization” for the properties. Northmarq announced the deal and represented the seller, Upside Investments.
The deal includes Northridge Pointe, a three-story property with 68 units at 8511 Balboa Boulevard in the Northridge submarket. It’s adjacent to the 44-acre creative office and retail center called The Mix at Harman Campus. The trade also includes the 90-unit Villa Verde Apartments at 10339 Zelzah Avenue, and the 88-unit Zelzah Avenue Apartments at 10331 Zelzah Avenue. All three properties were completed in the 1960s.
Northmarq’s Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein represented Upside Investments. Norris said the market for value-add opportunities in the L.A. area is still very competitive.
“The market continues to show demand,” he said. “We have seen only minimal adjustments in pricing even after the increase in interest rates; motivated buyers have found ways to separate themselves from groups constrained by the debt markets.”
Gregory Cornfield can be reached at firstname.lastname@example.org.