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Granada Hills Residential Portfolio Sells for $25.5 Million

By Hannah Madans Welk

April 17, 2020

34

WEB-Universe_Holdings_-_Blackhawk_Granada_Hills — Complex at 16930 Blackhawk St. will be renamed Chateau Blackhawk Apartments.

Real estate firm Universe Holdings has acquired a trio of multifamily properties in Granada Hills for $25.5 million, per a CoStar report. Tarzana-based Motter Enterprises sold the portfolio to Universe in Century City. The acquisitions include: Boardwalk & Park Place Apartments at 16860-16900 Chatsworth St. with 56 units. Under the new owner, this complex will be rebranded as Chateau Chatsworth. Devonshire Apartments at 16700 Devonshire St., with 38 units. This building will soon be called Chateau Devonshire Apartments. Granada Pine Apartments at 16930 Blackhawk St. with 28 apartments, soon to be known as Chateau Blackhawk Apartments. Universe intends to spend $2.7 million in renovations at the properties. Some of the planned upgrades include adding stainless steel appliances, flooring, quartz countertops, lighting fixtures and hardware. “The opportunity to acquire 122 units in a prime rental market in one transaction does not come around very often,” Universe Holdings Chief Excutive Henry Manoucheri said in a statement. According to CoStar data, with this acquisition, Universe Holdings has amassed 23 properties in the San Fernando Valley, totaling 1,000 units.

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Hannah Madans Welk

Hannah Madans Welk is a managing editor at the Los Angeles Business Journal and the San Fernando Valley Business Journal. She previously covered real estate for the Los Angeles Business Journal. She has done work with publications including The Orange County Register, The Real Deal and doityourself.com.

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