Los Angeles—Waterton announced the acquisition of Candlewood North Apartments located at 9830 Reseda Blvd. in Northridge, Calif. The three three-story residential buildings house 189-units comprising a mix of studios and one- and two-bedroom units. Residents have access to on-site amenities such as two swimming pools and spas, an outdoor kitchen area and covered parking.
“This property is a great fit for Waterton’s expertise with executing value-add business plans,” Mark Stern, senior vice president of acquisitions for Waterton, told Multi-Housing News. “We can upgrade and modernize the common areas and interiors and still make Candlewood North an affordable option in this submarket.”
The community is located 27 miles northwest of downtown Los Angeles, near several major thoroughfares including the 405, Ronald Reagan Freeway, Golden State Freeway and Northridge Metrolink station. In addition to transportation, the property offers an ideal location for outside services, such as being 15 minutes away from Warner Center, a mixed-use development that includes uses such as office space, high-end shopping and dining options. Also located nearby is the Devonshire Reseda Shopping Center, Northridge Fashion Center and the Cal State Northridge campus.
“Located in the heart of the San Fernando Valley, Candlewood North is in proximity to many of the region’s largest employers, which made the property especially attractive from an investment standpoint,” said Mark Stern. “With strong transportation access, the submarket has attracted healthcare, entertainment, business services, aerospace, foreign trade and advanced manufacturing industries, fueling job growth and demand for rental housing.”
Waterton has plans to renovate the units both inside and out to include wood-style flooring, upgraded lighting and plumbing fixtures, contemporary window treatments, modern kitchens with updated cabinetry, solid-surface countertops, tile backsplashes and stainless steel appliances, exterior façade improvements, painting, elevator cab modernization, landscaping upgrades and amenity upgrades.
“Waterton will modernize the kitchens and baths in the units as well as upgrading the community’s common areas and the landscaping, adding to its curb appeal,” Stern told Multi-Housing News. “This is an expensive housing market and Candlewood North will be a modernized, affordable option serving middle income demographics.”
Candlewood North marks Waterton’s fifth multifamily acquisition in 2016. The firm owns and manages six other rental communities in the Los Angeles area, comprising nearly 1,400 units.
Image courtesy of Waterton