Properties | Woodley Plaza

Woodley Plaza

85-Unit Apartment Community

10139 Woodley Ave | Northridge, CA

Sales Price: $21,000,000

Seller: N/A

Buyer: N/A

Units: 85

Price per Unit: $247,059

Price per Sq. Ft.: $222.21

Year Built: 1971

Lot Size Sq. Ft.: 116,740

Net Rentable Sq. Ft.: 92,500

On Market Date: 6/9/16

Close of Escrow: 9/30/16

The Harris Group, as the exclusive listing agent, is pleased to announce the sale of Woodley Plaza, an 85-unit multifamily community located in Northridge, CA in the San Fernando Valley of Los Angeles. Woodley Plaza presents an opportunity to acquire a sizeable asset in the San Fernando Valley with a significant value-add component via a strategic renovation program. Given its close proximity to five major freeways- the property offers residents a “commuter’s haven” with access to major employment hubs within San Fernando Valley (Warner Center, Universal City, Burbank, and Glendale) as well as other markets with strong employment bases including the Santa Clarita, Conejo and Simi Valleys. 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 (85 Unit) Multifamily Housing Community in Northridge
  • Features an Extensive Amenity Package that Includes a Fitness Center, Lushly Landscaped Courtyards, a Sparkling Pool, Two 24-Hour Laundry Facilities and Individual Garage Parking
  • Spacious Floor Plans Boasting 1,088 Square Feet on Average
  • Presents a Unique Opportunity to Complete a Unit Interior Renovation Plan in a High Demand Location
  • Opportunity to Upgrade the 47 Non-Renovated Units to Luxury Standards and Further Renovate the 32 (Partially Renovated) Units to Higher-End Specifications
  • Opportunity to Capture Significant Rental Upside (Projected 25%)
  • Reposition Property Exterior to Complement Renovated Units with Modern Lighting, New Vibrant Paint Scheme, Upgraded Pool Furniture, a Dog Park, Updated Landscaping and Upgrading the Fitness Center
  • Average Household Income Has Grown by 32% Since 2000 and is Projected to Grow an Additional 15% by 2019
  • Average Vacancy Across the San Fernando Valley is 2.24%