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Monday, Jun 17, 2024

Sellers of Northridge Apartments Make Big Gain

The Candlewood North apartment complex in Northridge has changed hands, according to Marcus & Millichap Inc. of Calabasas. The 189-unit community at 9830 Reseda Blvd. sold for $43.5 million to Chicago real estate investment company Waterton. The price represents a 20 percent gain over the $36.4 million the seller, Essex Property Trust Inc. in San Mateo, paid when it bought the property in 2014 as part of a portfolio deal, according to Essex’s annual report for 2015. The three-story, three-building apartment complex was built in 1964. The sale represented a $230,000 per-unit price. A year-ago sale of a similar apartment complex, the 152-unit Village at Granada Hills, sold for about $225,000 a unit. That complex was built in 1970 but renovated in 2005, according to CoStar Group Inc. “On the whole, in terms of cost per unit and cost per foot, the purchase price is in line with recent sales in the area,” said Greg Harris of Marcus & Millichap’s institutional-level investment division, Institutional Property Advisors. He represented both the buyer and the seller on the deal along with Kevin Green and Joseph Grabiec. He gave as an example 18411 Vincennes St. in Northridge, a 57-unit complex built in 1965 that sold in September for about $238,600 a unit.

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