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California   /   April 30, 2020

Dennis Kaiser
By: Dennis Kaiser

Rare Value-Add 122-Unit MF Portfolio in Granada Hills Sells for $25M

Los Angeles-based Universe Holdings purchased a three-building, 122-unit multifamily portfolio in Granada Hills for $25 million. The off-market portfolio was a rare value-add opportunity in the San Fernando Valley, a highly sought after, supply-constrained rental market.

The portfolio includes Boardwalk & Park Place Apartments, 56-unit building at 16860-16900 Chatsworth St.; Devonshire Apartments, a 38-unit complex at 16700 Devonshire St.; and Granada Pine Apartments at 16930 Blackhawk St. with 28 units (pictured). The buildings, constructed in the 1960s, have remained under family ownership until now. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades.

Kidder Mathews’ Janet Neman represented Universe Holdings in the transaction. “This was a one-of-a-kind investment opportunity, allowing my clients to acquire a sizable, multi-generational portfolio in a prime Los Angeles submarket,” said Neman.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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