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California  + Los Angeles  + Apartments  | 

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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About Dennis Kaiser

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 including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.