Northmarq brokers $22 million sale of 350-unit multifamily development in San Fernando Valley’s Northridge Fashion Center
NORTHRIDGE, Calif. (June 18, 2024) — Northmarq’s Los Angeles Multifamily Investment Sales team of Mike Smith, Jim Fisher, Vince Norris and Tommy Yates has completed the $22 million sale of the Residences at Northridge Fashion Center, a planned 350-unit multifamily community located within a fully amenitized shopping mall in the San Fernando Valley. Located at 9450 Shirley Ave. in Northridge, Calif., the property boasts 4.78 acres within walking distance to an abundance of dining, entertainment and shopping.
Northmarq represented the seller, a New York-based commercial real estate company, in the sale of the asset to High Street Residential, the residential subsidiary of Trammell Crow Company.
“This is one of the most significant multifamily development transactions in Los Angeles since the passage of ULA. Residences at Northridge Fashion Center proves there is still demand for well-designed and well-located infill apartments sites in Los Angeles,” said Smith. “Congratulations to both buyer and seller for navigating the uncertain market and closing a great piece of real estate.”
The property is planned for a five-story residential building with studio, one- and two-bedroom apartment homes and an average unit size of 712 sq. ft. and a six-story parking structure. Residences at Northridge offers a unique and attractive location, steps from Northridge Fashion Center, Nordhoff Plaza and University Plaza, and 1.5 miles northwest of the Metrolink Ventura County Line. In addition, the multifamily community is just five minutes from California State University Northridge (CSUN), the second largest Cal State University with approximately 40,000 students currently enrolled.
Residents enjoy a perfect balance between urban and suburban living with the ability to quickly commute to the San Fernando Valley’s multiple employment hubs. Planned apartment amenities include: In-suite washer/dryer, wood-style flooring, stainless steel appliances, large kitchen with island, quartz counters and Nest thermostats. Planned community amenities include: Resident clubroom, fitness center, indoor and outdoor lounges, roof deck terrace, BBQ area, three courtyards, pool and spa.
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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 a loan servicing portfolio of more than $76 billion and a two-year transaction volume of more than $52 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 www.northmarq.com.
