Universe Holdings has purchased a three-property portfolio in Granada Hills, Calif., for $25.5 million.
The properties included in the deal are: the 38-unit Devonshire Apartments, the 56-unit Boardwalk and Park Place and the 28-unit Granada Pine Apartments.
The communities came online in the 1960s and have not seen significant upgrades over the last several decades. Universe plans to invest $2.7 million in rebranding and capital improvements at all three properties. Interior upgrades include stainless steel appliances, vinyl plank flooring, quartz countertops and new lighting fixtures, among others. Plans are also in place for roof repairs, upgraded courtyards and refurbished parking lots.
Located at 16700 Devonshire St., 16860 Chatsworth St. (Boardwalk and Park) and 17346 Chatsworth St., the properties are within one mile of each other.
The 122-unit acquisition increases Universe’s San Fernando Valley portfolio to 23 properties. The owner is also expanding its San Diego footprint. In March, the firm acquired a 110-unit community in La Mesa, Calif., for $34.5 million.