A 50-unit apartment building within walking distance to California State University, Northridge has traded hands for $11.25 million, according to the brokerage involved in the deal.
The 63,406-square-foot Northridge apartment building—named Varsity Club Apartments—was built in 1990 and is located at 10020 Zelzah Ave. The property comprises 44 two bedroom units and six one bedroom units.
Senior Associate Reza Ghobadi of Marcus & Millichap Real Estate Investment Service represented the seller, which was an undisclosed Southern California real estate developer. Senior Associate Thomas McCartin of Marcus & Millichap represented the buyer, who was a private investor.
“We had a tremendous amount of interest in the property and were able to close the transaction in just 16 days,” Ghobadi said in a statement.
The more than $11 million sales price breaks down to $225,000 per unit or $177 per square foot.