As tenant demand in Los Angeles continues to increase, investors continue to buy up space in the market. In a recent transaction, Irvine-based Bascom Group acquired a 140-unit multifamily portfolio in the city’s Northridge neighborhood for approximately $52.5 million, or $375,000 per unit, an announcement from the company stated. The property was sold by NMS Properties, with Walker & Dunlop representing both parties in the transaction.
The 140-unit portfolio exists across two separate properties — the NMS Northridge, located at 9710 Zelzah Avenue, and the Superior Place Apartments, which is located at 17810 Superior Street.
Each apartment complex contains a mix of two- and three-bedroom units, with additional co-living options. Residential units also offer private two-car garages as well as structured parking.
The properties are located in Northridge, in the center of the San Fernando Valley. Both properties are within close proximity to California State University Northridge as well as a variety of recreational, shopping and dining amenities.
“Once called North Los Angeles, the neighborhood known as Northridge is a jewel of the San Fernando Valley, home to California State University Northridge (CSUN), with some of the best public and private schools in the region. CSUN is a vibrant, diverse university community of over 38,000 students and more than 4,000 faculty and staff on a 356-acre campus,” Bascom Group said in an announcement. Since its founding in 1996, the company has acquired 95 multifamily properties and 15,808 units in Southern California. Of these, 39 properties and 5,952 units are located within Los Angeles County. In addition to Southern California, the company maintains properties in Arizona, Hawaii, the Pacific Northwest, Colorado, Utah and Texas.
