A 28-UNIT VALUE-ADD MULTIFAMILY OPPORTUNITY IN … · granada village shopping center north hills...
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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
EXECUTIVE SUMMARY | 3
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
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6
3
12
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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
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312
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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
EXECUTIVE SUMMARY | 5
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
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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
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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%
12 CAMBRIDGE COURTYARDS
EXECUTIVE SUMMARY | 13
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