THG Multifamily, as the exclusive listing agent, is pleased to present the opportunity to acquire University Gardens, a value-add 29-unit multifamily community located in the Northridge neighborhood of the San Fernando Valley. Built in 1975, University Gardens is comprised of one building totaling 19,790 square feet. The asset features a well-landscaped central courtyard and barbecue area, office/maintenance shop, laundry room, secured gated entry and a large surface parking lot with 47 spaces that also offers future development potential.
University Gardens is an excellent opportunity to acquire an asset with a compelling value-add component with 19% of rental upside. While current ownership has renovated five units, a new investor will benefit from continuing the renovation program on the remaining 24 units with modern white cabinetry, vinyl-plank flooring, stainless steel appliances, quartz countertops, bathroom vanities, and ceiling fans. Also, an investor can further enhance all of the units to a higher-end luxury specification by including the following: modern recessed lighting, tile backsplashes, and modern fixtures.
The investment offering is situated in a densely populated area of Los Angeles County. Northridge is home to over 62,000 people and boasts and average household income of approximately $95,798 per year (11% higher than the City of Los Angeles). Northridge is conveniently located near the 118, 101, and 405 freeways, offering residents convenient access to major employment hubs in the region. University Gardens is also within walking distance to one of Southern California’s largest state universities, California State University, Northridge, which is expanding under the CSUN Envision 2035 Plan. In addition, the Property is in close proximity to local attractions and major employment centers such as Northridge Fashion Center, Warner Center, and Burbank.
