Properties | Candlewood North

Candlewood North

189-Unit Apartment Community

9830 Reseda Blvd | Northridge, CA

Sales Price: Private

Seller: N/A

Buyer: N/A

Units: 189

Price per Unit: N/A

Price per Sq. Ft.: N/A

Year Built: 1964

Lot Size Sq. Ft.: 140,263

Net Rentable Sq. Ft.: 166,910

On Market Date: 8/9/16

Close of Escrow: 11/16/16

The Harris Group, as the exclusive listing agent, is pleased to annouce the sale of Candlewood North, a 189-unit multifamily community located in Northridge, CA in the San Fernando Valley. This offering presents the opportunity to acquire a sizeable asset in a dense infill submarket of Los Angeles County with significant value-add potential (over 23% projected upside) via a strategic renovation program.

Candlewood North is comprised of three buildings totaling 166,910 net rentable square feet. The asset features a community amenity package that includes two resort-style pools and spas, barbecue areas, lush landscaping, covered parking and controlled/gated access. The interior units feature ceramic tile countertops, central air conditioning/heat, patio or balconies, spacious closets and extra storage. 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, Candlewood North benefits from excellent submarket fundamentals. The neighborhood boasts strong public school ratings (average API of 815 - Candlewood North assigned resident schools average 893), low unemployment (4.7%), low vacancy (1.4% in Q4 2015), and strong projected income growth (14.4% for Average HHI from 2015-2020). Candlewood North 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, Candlewood North is located on 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 Sizeable (189 Units) Value-Add Asset Focused on Revenue Generating Improvements 
  • Features an Extensive Amenity Package that Includes Two Resort-Style Pools and Spas, Barbecues Areas, Lush Landscaping, Courtyards, Covered Parking and Controlled/Gated Access 
  • Attractive Unit Mix that Features Spacious Floorplans Consisting of 13 Studios, 118 1-Bedroom Units and 58 2-Bedroom Units with an Average Unit Size of 883 Square Feet
  • Well-Maintained, Institutional Quality Asset with New Roofs, Updated Elevators, New Lighting and Upgraded Interior Hallways
  • Ability to Implement a Comprehensive Exterior and Interior Renovation Program
  • Opportunity to Capture Significant Rental Upside (Projected 23.24%) via a Renovation Program
  • Unit Interiors Can Be Renovated to High-End Specifications Including Stainless Steel Appliances, Vinyl-Plank Flooring, Modern Cabinetry and Hard Surface Countertops
  • Adjacent to California State University Northridge
  • Built-In Tenant Pool of 42,000 Students and 2,100 Faculty from Cal State Northridge Provides Constant Demand for Luxury Housing
  • Ability to Maintain Consistently High Occupancy Levels Throughout All Real Estate Cycles
  • Student Housing Supply/Demand Imbalance: Only 3,200 Campus Beds and 4,881 Units Within a 1-Mile Radius Serving 42,000 Students