Properties | Waterstone

Waterstone

348-Unit Apartment Community

9901 Lurline Ave | Chatsworth, CA

Sales Price: Private

Units: 348

Price per Unit: N/A

Price per Sq. Ft.: N/A

Year Built: 1971

Lot Size Sq. Ft.: 376,358

Net Rentable Sq. Ft.: 250,428

On Market Date: 6/8/16

Close of Escrow: 9/16/16

The Harris Group, as the exclusive listing agent, is pleased to announce the sale of  Waterstone, a 348-unit multifamily community located in Chatsworth, CA in the San Fernando Valley. Constructed in 1971, with major system upgrades completed steadily over the last 5 years, Waterstone represents a rare opportunity to acquire a sizeable, value-add opportunity that can be focused on revenue generating improvements.  

Waterstone is comprised of 4 buildings totaling 250,428 net rentable square feet. The asset features an impressive community amenity package that includes a clubhouse with pool tables, a large pool and a spa, a lighted tennis court, barbecue/picnic area with a fire pit, and a fitness center. These amenities can be enhanced with modern upgrades delivering the preeminent amenity package in the area. This coupled with a comprehensive unit interior renovation program could result in an increase in NOI of over 30%. 

Located in a central location within the dynamic city of Chatsworth, Waterstone benefits from excellent submarket fundamentals. The city boasts strong public school ratings (average API of 815), low unemployment (4.7%), low vacancy (1.4% in Q4 2015), and strong projected income growth (14.4% for Average HHI from 2015-2020), and it is surrounded by some of the most coveted single family home communities in the West San Fernando Valley. Additionally, the city’s business friendly environment and its proximity to five major freeways- the I-5, I-210, and I-405, and State Highways 14 and 118-  make it a desirable community to call home. Given the strong submarket fundamentals, investors have the ability to complete a strategic renovation in a market where there is a significant affordability gap to home ownership and a scarcity of new supply.

 
  • Sizeable Asset (348 Unit) Multifamily Housing Community in Los Angeles’ San Fernando Valley
  • Opportunity to Acquire a Sizeable Value-Add Asset Focused on Revenue Generating Improvements - Over $1.6MM Spent on System Upgrades in the Last 5 Years
  • Features an Extensive Amenity Package that Includes a Clubhouse with Billiard Tables, a Large Pool and a Spa, Lighted Tennis aCourt, BBQ/Picnic Area with a Fire Pit and a Fitness Center
  • One of Only 2 Properties in Chatsworth Greater than 200 Units
  • Attractive Unit Mix that Features 72 Studios, 207 1-Bedroom Units and 69 2-Bedroom Units
  • Well Maintained, Institutional Quality Asset with Copper Plumbing, New Roofs and New Drainage  Lines
  • Ability to Implement a Comprehensive Exterior and Interior Renovation Program
  • Opportunity to Capture Significant Rental Upside (Projected 24.5%) 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