Shekhter sheds two SF Valley properties for $52.5M

OC-based Bascom Group buys 140-unit portfolio in Northridge

9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left) 
9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left)

UPDATED, Jan. 19, 2022, 10:05 a.m.: Less than a week after selling an apartment complex in Canoga Park, Neil Shekhter has sold two multifamily properties in nearby Northridge for $52.5 million.

Bascom Group bought the adjacent buildings at 9710 Zelzah Avenue and 17819 Superior Street for around $375,000 per unit, the firm announced on Wednesday. NMS Properties, Shekhter’s firm, has owned the buildings, which combine for 140 units, since 1999, records show.

Bascom bought the properties using an acquisition loan from Brightspire Capital, formerly known as Colony Capital. Terms of the loan were not disclosed. Blake Rogers and Alexandra Caniglia of Walker & Dunlop brokered the deal and arranged the financing.

The complexes, known as NMS Superior and NMS Northridge, include a range of two- and three-bedroom units, each with a two-car garage. Bascom is planning to renovate the units and add a variety of amenities to the properties.

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In Northridge, “occupancies have been exceptionally high over the last decade and only a limited amount of new supply is currently under construction,” Bascom’s Chad Sanderson said in a statement. The properties are also located next to Cal State University-Northridge, a campus with about 40,000 students and limited on-campus housing.

Shekhter has been active as a buyer and seller in recently months. He offloaded eight developable parcels in Santa Monica to Tishman Speyer for around $150 million in December, and more recently selling an 80-unit complex in Canoga Park for a little more than $30 million. He also bought out partners to take full control of two developments on the Westside over the same time frame.

Shekhter held onto 15 parcels in Santa Monica, after originally putting 23 sites on the market early last year.

Bascom Group, an Irvine-based private equity firm, has recently spent cash on out-of-state purchases, pairing up in August with Miami-based Leste Group to buy a 405-unit complex in Lauderhill, Florida, for $79.3 million.

This story has been updated to include the brokers on the deal.

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