Upside Investments Sells LA-Area Portfolio for $56M

The San Fernando Valley communities date back to the early 1960s.

Zelzah Apartments

LAApartment.biz has acquired three properties totaling 246 units in the San Fernando Valley, for $55.5 million. The seller was Upside Investments. Northmarq brokered the deal, representing both parties.

The portfolio comprises the Zelzah Apartments and Villa Verde, two adjacent communities in Northridge, Calif., built in 1960 and 1962 respectively, totaling 178 units. Zelzah includes studio to three-bedroom floorplans with an average unit size of 786 square feet, according to Yardi Matrix data. Villa Verde features studio, one- and two-bedroom layouts. Both communities incorporate common-area amenities such as a pool, fitness center and laundry facilities.

Built in 1964, Northridge Pointe is the third property in the portfolio that changed hands. The 68-unit community is situated 3.5 miles from the other sites. Common-area amenities comprise a fitness center, an elevator, laundry facilities and a picnic area.

The Northmarq team involved in the deal included Managing Directors Vince Norris, Jim Fisher and Mike Smith, along with Vice President Steven Goldstein, along with Senior Vice Presidents Mike Hanassab and Elliot Hassan. Norris stated in prepared remarks that the San Fernando Valley market is highly competitive, as it has seen minimal adjusting to pricing in response to the increase in interest rates.

Hanassab also referenced LAApartment.biz’s extensive modernization plan, describing the buyer as a long-term holder. Earlier this year, Upside Investments closed a $220 million, record-breaking sale for Los Angeles county, also brokered by Northmarq.

Central San Fernando Valley location

The two neighboring communities at 10339 and 10331 Zelzah Ave. and within walking distance of the Granada Village shopping mall, as well as other retail and dining options. Situated in proximity to Interstate 405 and Highway 118, residents have access to employment options and higher learning institutions in the area.

Located at 8511 Balboa Blvd., Northridge Pointe is within walking distance of three shopping centers, as well as The Mix at Harman Campus, a 44-acre office and retail center. Outdoor recreational areas, such as Cal State Northridge Botanical Garden, Lake Balboa and The Japanese Garden, are also close to the community. The property is roughly 3 miles from I-405, placing it 23 miles from downtown Los Angeles and 15 miles from Hollywood Burbank Airport.

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