Rare value-add 122-unit multifamily portfolio in Granada Hills, CA sells for $25 million

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Devonshire
Universe Holdings has purchased a three-building, 122-unit multifamily portfolio in Granada Hills, California, for $25 million.

Universe Holdings, a Los Angeles real estate investment company, has purchased a three-building, 122-unit multifamily portfolio in Granada Hills, California, for $25 million. Kidder Mathews commercial real estate investment broker, Janet Neman, represented Universe Holdings in the transaction.

The off-market portfolio was a rare value-add opportunity in the San Fernando Valley, a highly sought after, supply-constrained rental market.

The portfolio includes Boardwalk & Park Place Apartments, 56-unit building at 16860-16900 Chatsworth Street, Devonshire Apartments, a 38-unit complex at 16700 Devonshire Street, and Granada Pine Apartments at 16930 Blackhawk Street with 28 units.

The buildings, constructed in the 1960s, have remained under family ownership until now. The well-maintained properties have no deferred maintenance but have not undergone significant renovations in many years. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades.

“This was a one-of-a-kind investment opportunity, allowing my clients to acquire a sizable, multi-generational portfolio in a prime Los Angeles submarket,” said Neman.

Janet Neman is an executive vice president and shareholder with Kidder Mathews. She specializes in the analysis, marketing, and sales of commercial investment properties, representing both buyers and sellers in multifamily, land development, office, and retail properties; she also has significant expertise in the sale of portfolios. Neman has been in the commercial real estate industry for over 30 years, and in that time, she has sold more than $1.5 billion in assets.

Neman is a top-ranking broker and has received industry recognition and awards including Women of Influence Hall of Fame and SoCal’s Most Powerful Women in Commercial Real Estate by the Real Estate Forum, NAR National Commercial Award from the National Association of Realtors, Women of Achievement Award from the Century City Chamber of Commerce, Women of Diversity at the Comerica Bank & the Los Angeles Lakers’ Best of LA Women’s Business Award, Los Angeles Business Journal’s Broker of the Year: Best Multifamily Sale, she a finalist at the 2017 Los Angeles Business Journal Women’s Summit, celebrating dynamic women in Los Angeles, and in 2019 she was a California winner in Connect Media’s Women in Real Estate Awards.