(EDITOR’S NOTE: According to public records, the properties were purchased for a total price of $14.8 million. The property at 15042 Dickens Street was acquired for $5.9 million, or about $368,750 per unit. The multifamily asset at 13001 Vanowen Street was purchased for $3.6 million, or about $189,473 per unit. 21133 Saticoy Street was acquired for $5.3 million, or $252,380 per unit.)
LOS ANGELES –– Greenbridge Investment Partners, a Los Angeles-based commercial real estate investment firm, has entered the multifamily market with the acquisition of a trio of apartment properties in the San Fernando Valley.
The company, which purchases underachieving projects with the highest potential of becoming “best-in-class” assets, has taken ownership of 15042 Dickens St. in Sherman Oaks, 13001 Vanowen St. in North Hollywood, and 21133 Saticoy St. in Canoga Park. The acquisitions follow a year after Greenbridge purchased a 23 unit, 23,000 SF multifamily complex in Van Nuys, and together with the additional three buildings comprise the foundation of Greenbridge’s entry into the multifamily sector under the leadership of partner Josh Farahi.
“Greenbridge specializes in identifying properties that are ripe for significant profit potential, but often overlooked by other owners and investors,” Farahi said. “As Southern California emerges from the pandemic and its significant impact on public and rent behavior, these assets became available in the right places at the right time—just as multifamily real estate is regaining its pre-pandemic momentum.”
The new multifamily assets will join Greenbridge’s portfolio high-performing assets from across the spectrum of commercial real estate. Already this year, the company has announced major leases at its office and retail properties in the Pasadena area, as well as a newly acquired medical office building in Santa Barbara that is fully leased to a single high-profile tenant.
The company’s newly created multifamily portfolio is a combined 60,000 SF of space with a mix of one-, two-, and three-bedroom units, including:
15042 Dickens St. in the heart of Sherman Oaks, which is a mix of 16 one- and two-bedroom units. Located east of the 405 Freeway, the property is conveniently situated one block from shopping and restaurants on Ventura Boulevard.
13001 Vanowen St., which is located in the rapidly developing North Hollywood submarket near Los Angeles’s Arts District and a 10-minute drive away from the new NOHO West lifestyle center, features 19 one- and two-bedroom units.
21133 Saticoy St., a unique townhome-style property in Canoga Park and five minutes from the Westfield Topanga shopping mall and Topanga Village, features 21 two- and three-bedroom units with private patios and direct access to a private garage for at least 10 units.
The portfolio’s range of living amenities include interior courtyards, swimming pools, secure entry, covered parking and carports. Additionally, they are all located within five minutes of the 101 and 405 freeways and metro access, making their geography and location ideal for attracting tenants.
The acquisitions and recent leasing success coincide with Greenbridge Investment Partners’ 10th anniversary. Since being founded in 2012 with the goal of identifying underachieving projects with the highest potential of becoming “best in class” properties, Greenbridge has developed an extensive portfolio of prime properties across multiple commercial sectors, including the former Pasadena Star-News building at 525 Colorado, SIX25 Fair Oaks in South Pasadena, Seattle Design Center, 19500 Ventura Medical Oasis in Tarzana, Calif., and the fully-leased medical office building at 111 E Victoria St., in Santa Barbara.
