Trammell Crow Company Acquires Development Site In Northridge For $22M

The Residences at Northridge Fashion Center, a development site located at 9450 Shirley Avenue in Northridge, California, was sold for $22,000,000. The property spans 4.78 acres and is planned to be a 350-unit multifamily community within a fully amenitized shopping mall in the San Fernando Valley. The future development includes a five-story residential building with studio, one- and two-bedroom apartment homes, boasting an average unit size of 712 sq. ft., and a six-story parking structure.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $22,000,000
• Market: Northridge
• BSF: 309,169 ~ PPBSF: $71
• SF: 208,217 ~ PPSF: $106
• Buyer: Alex Valente - Trammell Crow Company
• Seller: New York-based commercial real estate company

Northmarq’s Los Angeles Multifamily Investment Sales team, comprised of Mike Smith, Jim Fisher, Vince Norris, and Tommy Yates, represented the seller in the transaction. High Street Residential, the residential subsidiary of Trammell Crow Company, acquired the property. This deal marks one of the most significant multifamily development transactions in Los Angeles post the passage of ULA, showcasing the demand for well-designed infill apartments sites in the area. Smith congratulated both the buyer and seller for successfully navigating the market uncertainties and closing the real estate deal.