Properties | Cambridge Courtyards

Cambridge Courtyards

28-Unit Apartment Community

17931 Devonshire St | Northridge, CA

Sales Price: $6,125,000

Seller: Prime Group

Buyer: Private Investor

Units: 28

Price per Unit: $217,857

Price per Sq. Ft.: $271.52

Current CAP: 4.50%

Current GRM: 13.04

Market CAP: 6.95%

Market GRM: 9.83

Year Built: 1963

Lot Size Sq. Ft.: 25,700

Gross Bldg. Sq. Ft.: 22,466

Close of Escrow: 06/30/2017

The Harris Group, as the exclusive listing agent, is pleased to present the opportunity to acquire Cambridge Courtyards, a 28-unit multifamily community located in Northridge, CA in the San Fernando Valley. Cambridge Courtyards is comprised of one building totaling 22,466 gross square feet. The asset features a grilling/BBQ area, a courtyard, tranquil setting with serene rock garden, laundry room, and gated entry with call box. The interior units feature white cabinetry, wood linoleum flooring, ceiling fans, microwave, gas stove/oven and wall air conditioning. The property is comprised of a favorable unit mix consisting of predominantly two-bedroom units (seven (7) 1+1’s and twenty-one (21) 2+1-1.5’s)  averaging 890 square feet.

This offering presents the opportunity to acquire an asset in a dense infill submarket of Los Angeles County with significant value-add potential (over 32% projected upside) via a strategic renovation program. The unit interiors can be renovated to higher-end luxury specifications including vinyl plank flooring, hard surface countertops, stainless steel appliances and modern lighting. 

Located in a central location within the dynamic neighborhood of Northridge, Cambridge Courtyards benefits from excellent submarket fundamentals. The neighborhood boasts strong public school ratings (average API of 848), low unemployment (4.7%), low vacancy (2.8% in 2015), and strong projected income growth (16.9% for Average HHI from 2015-2020). Cambridge Courtyards also benefits from its close proximity (0.6 miles) to California State University Northridge with an enrollment of approximately 42,000 students and 2,100 faculty, ensuring built-in rental demand. Additionally, Cambridge Courtyards is located one block east of Reseda Blvd, a major north-south thoroughfare in the San Fernando Valley providing endless walkable restaurants, shopping and entertainment options in the area.

  • Opportunity to Acquire a Value-Add Asset on a Major Thoroughfare (Devonshire St) in Northridge
  • Attractive Unit Mix That Features Spacious Floor Plans Consisting of 1 Bedroom (25%) and 2 Bedroom (75%) Units with an Average Unit Size of 890 Sq. Ft.
  • Ability to Implement a Comprehensive Interior and Exterior Renovation Program
  • Presents a Unique Opportunity to Renovate the Units to High-End Luxury Specifications Including Vinyl Plank Flooring, Stainless Steel Appliances, Hard Surface Countertops and Accent Walls
  • Opportunity to Capture Current Loss to Lease and Projected Rental Upside via a Strategic Renovation Program
  • Built-In-Tenant Pool of 42,000 Students and 2,100 Faculty from Adjacent Cal State Northridge Provides Constant Demand for Luxury Housing