Northmarq arranges $55.5 million sale of three-property, 246-unit portfolio in Los Angeles MSA

Multifamily Portfolio

LOS ANGELES, CALIFORNIA (December 22, 2022) — Northmarq’s Los Angeles investment sales team, consisting of Vince Norris, Jim Fisher, Mike Smith, Mike Hanassab, Elliot Hassan, and Steven Goldstein collaborated to secure the $55.5 million sale of the Zelzah Avenue portfolio and Northridge Pointe. The three-property portfolio totals 246 units in Granada Hills and Northridge. Northmarq represented the Seller, Upside Investments and Buyer,, a private investor in the transaction.

Located in the thriving San Fernando Valley sub-market, residents of these three assets enjoy a suburban lifestyle with access to major employment centers and urban amenities at a low cost. The portfolio is ideally located near public transportation and major freeways, just five minutes from I-405 and less than ten minutes from the118 Freeway. As home prices continue to rise in the Northridge/Granada Hills submarkets, renting at the Upside Northridge properties offers residents a great opportunity to live in a thriving community with the protections of LA City RSO.    

The sale demonstrates the consistent demand for value-add investment opportunities in the in the San Fernando Valley despite raising interest rates. Northmarq was able to successfully complete an efficient marketing process structured to ensure the Seller’s goal of a year end close would be met. After the Call for Offers date the portfolio opportunity had attracted national interest and received eight offers from local and national investors looking to execute either value add or affordable conversion business plans, explained Norris. "It's still very competitive," Norris said of the markets interest for value add opportunities. "The market continues to show demand. We have seen only minimal adjustments in pricing even after the increase in interest rates, motivated buyers have found ways to separate themselves from groups constrained by the debt markets."

“This portfolio was a very rare opportunity, given the core central San Fernando Valley location of the three assets, as well as the number of units. The buyer who is a long-term holder, will be able to maximize the values of these assets through an extensive modernization plan," explained Hanassab. "Due to the lack of transactions occurring in the Northridge/Granada Hills area, we were able to generate double digit property tours and offers. The buyer with the winning bid knew this was a unique opportunity, so they quickly moved to submitting a fully non-contingent offer to ensure they separated themselves from the rest of the interested parties."

Northridge Pointe: Adjacent to the 44-acre creative office and retail center, the Mix at Harman Campus, the 68-unit/3-story multifamily property (originally built in 1964) is located at 8511 Balboa Boulevard in the Northridge/Granada Hills submarket. Community amenities include: Laundry facilities, elevator, fitness center, and picnic area. Apartment amenities include: High-speed internet access, Wi-Fi, air conditioning, heating, smoke free, cable ready, kitchen, refrigerator, vinyl flooring and balcony. Residents benefit from the property’s close proximity to three shopping centers, all within walking distance. Along with urban attractions, residents have access to numerous outdoor/recreational landmarks, such as Cal State Northridge Botanical Garden (2.1 miles), Lake Balboa (3.2 miles), and The Japanese Garden (5.6 miles). Commuters have easy connections to I-405, I-210, and HWY 101, making the trip to Los Angeles, Santa Clara, and Thousand Oaks quite manageable. 

Zelzah Avenue: The Zelzah Avenue portfolio includes two buildings totaling 178 units. Two shopping centers, The GH and Granada Village, are located in less than 0.7 miles of the properties. Five parks are within 6.6 miles, including Aliso Canyon Park (2.9 miles), Limekiln State Park (3.6 miles), and Reseda Park Lake (5.8 miles). Along with easy access to HWY 118 and I-405, residents are conveniently located a short 3.5 miles from the Northridge commuter rail station.  Cal State Northridge is only 1.2 miles from the properties, and a total of three institutions of higher learning are within less than 10 miles.

• Villa Verde Apartments (built in 1962) contains 90 units and is located at 10339 Zelzah Avenue in Northridge. Community amenities include: Laundry facilities, fitness center, and pool. Apartment amenities include: High-speed internet access, ceiling fans, smoke free, kitchen, oven, range, refrigerator, and carpet. 

• Zelzah Avenue Apartments (built in 1960) contains 88 units and is located at 10331 Zelzah Avenue in Northridge. Community amenities include: Laundry facilities, fitness center, pool, gated community, and grill. Apartment amenities include: High speed internet access, air conditioning, heating, smoke free, cable ready, dishwasher, disposal, microwave, refrigerator, views, and balcony. 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq’s solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit

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