Northridge Multifamily Complex Acquired for $14.9 Million

Champion Real Estate Co. has acquired Valleywood Apartments, a 42-unit multifamily property in Northridge, for $14.9 million. The Brentwood company, which purchased the property from an undisclosed private owner, also announced plans for Valleywood Apartments LLC, a subsidiary of Champion, to invest $2.3 million into capital improvements. The complex was formerly called Willows Apartments. The property is located at 17806 Lassen St. and features six one-bedroom/one-bathroom units and 36 two-bedroom/two-bathroom units. Renovations, which will begin immediately, include new countertops, flooring, cabinets, stainless steel appliances and washer and dryers. The company will also make improvements the courtyard pool deck area as central amenity space. In addition to these cosmetic improvements, Champion will undertake large-scale infrastructure repairs to the plumbing and electrical systems, plus roof replacement. The company added that it intends to hold onto and manage the property. “Champion was attracted to this community because of its proximity to California State University – Northridge, which has the largest undergraduate population of the 23-campus Cal State University System,” said Champion Real Estate Company Senior Vice President Garrett Champion. “CSUN has transformed from a commuter school to a traditional university with students seeking a correlative lifestyle reflecting that change, which includes campus-adjacent housing.”