LOS ANGELES, CA - Waterton, a U.S. real estate investor and operator, announced the acquisition of Candlewood North Apartments, a 189-unit rental community in Northridge, Calif., approximately 27 miles northwest of downtown Los Angeles.
The community at 9830 Reseda Blvd. comprises three, three-story residential buildings with a mix of studio, one- and two-bedroom units. Its location near several major thoroughfares, including the 405, Ronald Reagan Freeway and Golden State Freeway, and Northridge Metrolink station, just 2 miles southwest of the property, provides convenient access to destinations throughout the Los Angeles metro.
“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, senior vice president of acquisitions. “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.”
Warner Center, a large mixed-use development in Woodland Hills that includes a large concentration of offices and high-end shopping and dining options, is approximately 15 minutes from the property. Candlewood North is also within walking distance of the Cal State Northridge campus, located 1 mile south of the community, as well as nearby retail, including the Devonshire Reseda Shopping Center and Northridge Fashion Center.
On-site amenities at Candlewood North include two swimming pools and spas, an outdoor kitchen area and covered parking.
“Waterton plans to fully renovate the common areas of the property as well as implement an in-unit renovation program to realize the significant upside the property presents,” said Stern. “Being that the units at Candlewood North have remained largely untouched, we plan to make substantial enhancements in order to meet the standards of today’s renters.”
Waterton’s initial scope is to renovate the units to include wood-style flooring; modern kitchens with updated cabinetry, solid-surface countertops, tile backsplashes and stainless steel appliances; upgraded lighting and plumbing fixtures; and contemporary window treatments. In conjunction with the interior renovation program, Waterton plans to further reposition the property through several amenity upgrades and maintenance projects, including exterior façade improvements and painting, as well as elevator cab modernization and landscaping upgrades.
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.