a 28-unit value-add multifamily opportunity in … · granada village shopping center north hills...

CAMBRIDGECOURTYARDS

N O R T H R I D G E | C A

A 28-UNIT VALUE-ADD MULTIFAMILY OPPORTUNITY IN NORTHRIDGE

IN THE HEART OF THE SAN FERNANDO VALLEY

Executive Summary

THE OFFERINGTHG Multifamily, 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 spacious

two-bedroom units (seven (7) 1+1’s, two (2) 2+1’s, seventeen (17) 2+1.5’s, and two (2)

2+1.5 den’s) .

This offering presents the opportunity to acquire an asset in a dense infill

submarket of Los Angeles County with significant value-add potential ( %

projected upside) via a strategic renovation program. Currently, there are 17 non-

renovated units that can be upgraded with with plank flooring and quartz

countertops while an investor may also expand the scope on all 28 units to include

additional upgrades such as stainless steel appliances, modern cabinet faces and

tile backsplashes.

Located in a central location within the dynamic neighborhood of Northridge,

Cambridge Courtyards benefits from excellent submarket fundamentals. Northridge

has low vacancy (3.4%), and an average household income of 95,798 that’s

projected to grow 14.0% over the next 5 years. Cambridge Courtyards also benefits

from its close proximity (0.6 miles) to California State University Northridge with an

enrollment of approximately 38,300 students and 4,000 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.

EXECUTIVE SUMMARY | 1

PARTIALLY RENOVATED UNIT2 CAMBRIDGE COURTYARDS

COMPELLING VALUE-ADD OPPORTUNITY

PREMIER NORTHRIDGE LOCATION

A RARE OFFERING

PROXIMITY TO EMPLOYMENT

EXCELLENT MARKET FUNDAMENTALS

• Ability to Implement a Comprehensive Interior and Exterior

Renovation Program.

• Opportunity to continue the proven renovation program

on the remaining 17 unrenovated units (currently only 11 are

renovated) with white cabinetry, vinyl-plank flooring and

also expand the scope on all 28 units to include additional

upgrades such as stainless steel appliances, modern cabinet

faces and tile backsplashes

• Located on Devonshire Street, one of the main thoroughfares of

the San Fernando Valley.

• Close proximity to CSUN, just over half-of-a-mile from the Property.

• Over 1.3 million SF of neighborhood retail within a 1-mile

radius and only 2 miles to the Northridge Fashion Center

which features Apple, Macy’s, JCPenny, and many other

retailers.

• Opportunity to acquire a value-add asset on a major thoroughfare

(Devonshire Street) in Northridge.

• Attractive unit mix that feature spacious floorplans consisting of

21 two-bedroom (75%) and 7 one-bedroom (25%) units.

• Centrally located within the San Fernando Valley, the investment

opportunity affords tenants access to major employers, such

as Boeing, Walt Disney Company, Anheuser-Busch, Health Net,

Medtronic, and CSUN.

• The San Fernando Valley is a key entrepreneurial hub in Los Angeles

with half of LA County’s contractors and a third of all business

professionals calling the area home.

• Average Household income in Northridge is projected to grow 14%

over the next five years.

• The SFV’s economy is in a booming growth period and has

significantly outpaced Los Angeles and Orange Counties annual

GDP growth rate by over 13% since 2013, according to the California

Lutheran University Center for Economic Research & Forecasting.

• The average annual rent growth in San Fernando Valley is projected

to rise 3.2% per year over the next 5 years (2018-2022).

• Vacancy is just 2.6% in the San Fernando Valley.

EMBEDDED RENTER POOL

• Adjacent to California State University Northridge

• Built-in Tenant Pool of 38,300 Students and 4,000 Faculty from Cal

State Northridge Provides Constant Demand for Luxury Housing

• Ability to Maintain Consistenly High Occupancy Levels Throughout

All Real Estate Cycles

• Student Housing Supply/Demand Imbalance: Only 3,200 Campus

Beds and 5,213 Units Within a 1-Mile Radius Serving 38,300 Students


INVESTMENT HIGHLIGHTS

“ Northridge is the jewel of the San Fernando Valley, home to California State University, Northridge (CSUN) and some of the best public and private schools in the region.

— Rent Cafe

Northridge is a thriving community in Los Angeles County that

occupies 9.5 square miles of the San Fernando Valley (SFV). The

area is home to approximately 62,000 residents, up 16% since

the year 2000, which is almost double the population growth

rate of the SFV during the same time period, yet only 1,550 units

have been built. The average income in Northridge is $95,798

and is expected to grow an additional 14% by 2022. Roughly

55% of Northridge residents are renters, which is higher than LA

County and the SFV as a whole, making Northridge one of the

premier rental markets in the area. In addition to being a thriving

residential community, Northridge is also home to California

State University Northridge (CSUN), one of the largest state

universities in all of LA County.

NORTHRIDGE

4 CAMBRIDGE COURTYARDS

NORTHRIDGE FASHION CENTER

NORTHRIDGE PLAZA

CALIFORNIA STATE UNIVERSITY

NORTHRIDGE

1

6

3

12

4

5

23

DINING/NIGHTLIFE RETAIL/SHOPPING1 Amaseena 1 Vons

2 Taps Valley Gastropub 2 Vallarta Supermarket

3 Outback Steakhouse 3 CVS

4 Bar Louie 4 Big 5 Sporting Goods

5 Northridge Pacific Theaters 5 Costco

6 Lum-Ka-Naad 6 24 Hour Fitness

7 Wood Ranch Grill 7 REI

8 Tortilla Inn Bar & Grill 8 LA Fitness

9 Buenos Aires Grill 9 Best Buy

10 Shamshiri 10 JCPenny

11 Paragon Bar 11 Macy’s

12 Starbucks 12 Apple

PREMIERE NORTHRIDGE LOCATION

10

11

12

312

10

9 6

5

3 2

4

1

5

79

GRANADA VILLAGE SHOPPING CENTER

NORTH HILLS SHOPPING CENTER

NORTHRIDGE SHOPPING CENTER

DEVONSHIRE-RESEDA CENTER

DEVONSHIRE ST

CAMBRIDGE COURTYARDS

10 MIN WALK RADIUS


STRONG & STRENGTHENING DEMOGRAPHICSWith a population of 742,205, the Western SFV makes up roughly 7.2% of the population of LA County, making it a desirable place to live because of its lower density relative to the rest of the county. Population growth in the Western SFV is expected to outpace the SFV as whole by almost 50% over the next five years. Additionally, the average HH income of the Western SFV is $108,316, which is 15.8% higher than the SFV as a whole, and is projected to grow an additional 13.2% by 2022.

CENTRAL WEST SAN FERNANDO VALLEY LOCATIONThe West San Fernando Valley (SFV) is the area that stretches East and West from the 405 Freeway to the Las Virgenes Canyon, and runs North and South, straddling both the 210 freeway and Sherman Oaks/Studio City respectively. The area is home to many thriving communities, including Warner Center, which is one of the fastest growing residential and employment centers in all of Los Angeles County.

STRONG DEMOGRAPHICS & PRIME LOCATION REINFORCING VALUE-ADD OPPORTUNITY

53%Renter

Occupied

22,029Total

Households

$95,798Estimated Average Household Income

41.4%Households Earning

More than $75k

5.8%LA County’s

Unemployment Rate

62,286Total

Population

NORTHRIDGE STATISTICS

9 MILESFROM

WARNER CENTER

10 MILESFROM

BURBANK AIRPORT

CITY LIVING SUBURBAN FEEL

THE WEST SFV PROVIDES CONVENIENCE OF CITY LIVING BUT

MAINTAIN A SUBURBAN FEEL

PARTIALLY RENOVATED UNIT

EMBEDDED RENTER POOL


Cambridge Courtyards is located three blocks (0.5 mile) from

California State University Northridge (CSUN), thus ensuring a

durable income stream with built in demand from CSUN students

and faculty.

Founded in 1958 on a 356-acre campus, CSUN has a total of 35,609

undergraduate students and 4,631 graduate students, making

it one of the largest student bodies of the 23 campus California

State University system, and is one of the largest comprehensive

universities in the State of California in terms of enrollment.

The university was originally founded as a satellite campus of

California State Los Angeles and became an independent college in

1958 as San Fernando Valley State College. The university adopted

its current name of California State University Northridge in 1972.

CSUN has been recognized for its high-quality faculty with eight

faculty members having been awarded prestigious Guggenheim

Fellowships for research and creative activity, 59 faculty members

have won Fullbright awards to conduct research or teach abroad.

CALIFORNIA STATE UNIVERSITY NORTHRIDGE

Extended university Commons Building• Opened August 2016

• 68,740 SF (Classroom,

Conference Rooms, Offices)

• 10,000 SF Classrooms

• Mainly Used for Tseng

College (International

Students)

On campus housing: 3,200 Beds

enrollment (fall 2018)• 38,310 Total Students

• 4,000 Faculty

UNIVERSITY RANKINGS• U.S News & World Report:

• 73 (West)

• #21 Top Public Schools

OVER 50% Student Population Growth

since 2000

student housing supply/demand imbalance

Within 1 Mi. Radius of CSUN:• 8 Buildings Built After 2000

• 120 Buildings (5+ Units)

• 5,213 Total Units

• Only 12 Properties 100+ Units

11,700 Jobs$1.9B Annually

(in spending and labor income)

CSUN AT A GLANCE

HOUSING

ADJACENT TO


VALUE-ADDPOTENTIALINTERIOR RENOVATIONS

OPPORTUNITIES INCLUDE

• Stainless Steel Appliances

• Modern Plumbing Fixtures

• Hard Surface Countertops

• Modern Cabinet Faces

• Tile Backsplash

• Upgraded Recessed Lighting

• Vinyl Plank Flooring

MODERN CABINET FACES

MODERN PLUMBING FIXTURES

HARD SURFACE COUNTERTOPS

STAINLESS STEEL APPLIANCES

TILE BACKSPLASH

Cambridge Courtyards offers an opportunity for

an investor to renovate the 17 non-renovated units

with plank flooring and quartz countertops while

also expanding the scope on all 28 units to include

additional upgrades such as stainless steel appliances,

modern cabinet faces and tile backsplashes.

RECESSED LIGHTING

PARTIALLY RENOVATED UNIT

NON-RENOVATED UNIT

Address: 17931 Devonshire StreetNorthridge, CA 91325

Number of Units: 28

Year Built: 1963

Lot Size: 25,570 SF

Gross SF: 22,466

Zoning: R3

Metering: Separately metered for gas and electricity

PROPERTYSUMMARY

1 BEDROOMS (7)

2 BEDROOM (21)

25%

UNITMIX

75%


EXCLUSIVE LISTING AGENTS

PAUL H. [email protected] License: 01700955

GREG [email protected] License: 01186953

JOE [email protected] License:01748327

KEVIN [email protected] License: 01420176

CAMBRIDGECOURTYARDS

N O R T H R I D G E | C A

a 28-unit value-add multifamily opportunity in … · granada village shopping center north hills...

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