MALDEN

Northridge, CA

20 units| 4 stories| 30,000 sf |7,000 sf retail

Innovest Group acquired a 30,000 square foot flat lot spanning two streets in the heart of Northridge, minutes away from California State University of Northridge. Innovest was able to successfully entitle the lot and subdivide the lot facing Chase St into an R1 zone and the lot facing Malden St into an R4 zone. This resulted in constructing a 5 bedroom, 4,500 SQFT Home and a 22 Unit Apartment building all on a single lot.

The Grigio Malden Apartments is a 4 story building with a large selection of amenities including a study room, fitness center, rooftop garden, and open common patio located on the first floor. The dramatic lobby entrance gives off a certain sense of energy the moment one enters the building. The majority of the units are over 1,100 SQFT, two bedrooms, and contain a large open floor plan. Oversized windows let the natural light into the room while the double pane keeps it cool. The vanities and cabinetry in the units are custom-made Flairwood Cabinetry equipped with sleek stainless-steel appliances and an island to gather in the middle. The Grigio Bathrooms are designed with the Kohler Purist Bath fixtures and Penny Tiles to create an aesthetically pleasing and clean look. The frameless shower doors allow for a seamless flow with the rest of the bathroom creating a stunning design statement.

The construction of both the SFR and apartment complex took 24 months to complete and the building was leased at 100% within 4 months. The asset has now been stabilized with low tenant turnover and 95% occupancy with rents way above the market average in Northridge. Innovest Group took the time to study the market, design/develop a well-built asset, and deliver a product that was not yet seen in the Northridge market.