Investment Overview

Marcus & Millichap (“M&M”), as the exclusive listing agent, is pleased to present Halsted Garden Apartments (the “Property” or “Halsted”), a 44-unit, non-RSO, value-add opportunity adjacent to California State University, Northridge (CSUN). This represents an opportunity to acquire a well-maintained property in one of the premier submarkets of the San Fernando Valley (“SFV”) of Los Angeles with roughly 20% upside in rental income. Built in 1985, the Property has benefited from notable recent upgrades including new roofs in 2023, new water heaters in 2020, new heat/AC wall units as needed, and countertop & flooring upgrades in 23 of the 44 units over the last several years. There is an opportunity for investors to enhance the renovation scope in the 23 partially upgraded units and fully renovate the 21 classic finish units with quartz countertops, stainless steel appliances, plank vinyl flooring, new cabinet faces, and new fixtures to increase monthly rents by roughly $250-$300. The Property is poised to capitalize on the deep bench of renters in the submarket and strong area demographics. Northridge boasts low vacancy (4.1% in Q1 2025), strong household incomes ($124K average), and an educated workforce (50% with a college degree). Furthermore, the proximity of CSUN, with an enrollment of approximately 36,848 students and 2,074 faculty, serves as a durable demand driver and potential to operate the property as 100% student housing with double-occupancy bedrooms. Given the Property’s premier SFV location, value-add potential, and strong submarket fundamentals, Halsted Garden Apartments represents an outstanding investment opportunity.