Post Buys Northridge’s Candlewood Apartments for $51 Million

The Candlewood North apartment complex in Northridge has a new owner.

Beverly Hills-based Post Investment Group bought the 189-unit residential community at 9830 Reseda Boulevard for $51.1 million, the Los Angeles Times reported. The deal works out to $270,000 per unit. The seller, Waterton, bought the property in 2016 for $43.6 million.

The property spans three buildings at three stories each and comes complete with two pools, a three-barbecue grilling area, an on-site laundry center, a redesigned outdoor space with lounge seating and a redesigned lobby.

Inside, each unit comes equipped with stainless steel appliances, quartz countertops, upgraded designer light fixtures, spacious closets and central air conditioning. The studio, one- and two-bedroom apartments range from 450 to 1,200 square feet, according to the Candlewood North website.

Post Investment Group has been acquiring properties in the San Fernando Valley and beyond in recent months.

In April, an affiliate of Post Investment Group purchased the Regency Square Apartments, an affordable complex in San Jose, for about $62.8 million, SiliconValley.com reported.

The month before, Post Investment Group planted a flag in the Antelope Valley with its $71 million acquisition of the Chaparral Apartments in Palmdale. The complex includes 296 units across 16 buildings at 38441 5th Street West. The sale price valued each unit at just under $240,000.

Last December, Post and Walker & Dunlop Investment Partners spent $44 million for the Marquee Apartments in North Hollywood, working out to roughly $186,441 per unit. That property spans 236 units in a garden-style apartment complex at 12300 Sherman Way. San Diego-based MG Properties was the seller.

While Waterton is moving on from its Northridge endeavor, the Chicago-based firm continues to maintain seven other properties in the Los Angeles area. In the city of L.A., this includes the Duet on Wilcox at 1745 Wilcox Avenue in Hollywood; The Flat at 750 Garland Avenue in Westlake; The Vue at 255 West 5th Street in San Pedro; and the G12 Apartments at 1200 South Grand Avenue and Olive DTLA at 1243 South Olive Street in Downtown Los Angeles. Waterton also holds the Citrine Hills complex at 2800 East Riverside Drive in Ontario.

— Chris Malone Méndez