Northmarq Arranges $55.5M Sale of Northridge Multifamily Portfolio

Northmarq’s Los Angeles investment sales team of Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan and Steven Goldstein has arranged the $55.5 million sale of a three-property, 246-unit multifamily portfolio in Northridge, CA. The firm represented both the buyer, LAApartments.biz and the seller, Upside Investments, in the transaction.

The three properties consist of Northridge Pointe, a 68-unit, three-story multifamily community on Balboa Boulevard, within walking distance of three shopping centers, the Villa Verde Apartments, a 90-unit community on Zelzah Avenue and Zelzah Avenue Apartments, an 88-unit complex, also on Zelzah Avenue. Both Zelzah Avenue assets are located within 3.5 miles of the Northridge commuter rail station.

“This portfolio was a very rare opportunity, given the core central San Fernando Valley location of the three assets, as well as the number of units. The buyer will be able to maximize the value of these assets through an extensive modernization plan,” said Hanassab.