NMS Northridge and NMS Superior Prove Compelling Investments

The Bascom Group LLC recently acquired a two-property 140-unit multifamily portfolio located in the Northridge neighborhood of Los Angeles. Bascom purchased the 140-unit property for $52.5 million or $375,000 per unit.

NMS Northridge and NMS Superior boast large floorplans consisting of mostly two and three bedrooms along with private two-car garages or two spaces of structured parking. The properties are centrally located within the San Fernando Valley adjacent to California State University – Northridge (CSUN). CSUN has an enrollment of 38,000 students.

Blake Rogers and Alexandra Caniglia from Walker & Dunlop represented the seller in the sale. Brightspire Capital (Colony Capital) provided the debt financing for the acquisition, arranged by Mark Strauss and Rob Quarton of Walker & Dunlop Capital Markets. Apartment Management Consultants will provide property management services.

“NMS Northridge and NMS Superior represent compelling acquisitions in a high-barrier-to-entry market,” says Chad Sanderson, Bascom senior principal. “Market occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction. Despite the pandemic-related challenges for many universities and the communities serving them over the past two years, we believe the Northridge submarket will see strong fundamental growth over the next several years driven by limited new housing supply and continued population growth.”