Lassen Village

Transaction description

PSRS provided financing for this 125 unit apartment building as part of a two-complex deal.  Both properties are located in Northridge California and are near CSU-Northridge; which places them nicely where they can help to serve the large student population.  Originally constructed in 1987, this building is around 97% occupied, with a parking ratio of approximately 1.93 spaces per unit, and contains a mix of one and two bedroom unit types.  Amenities include a pool, Jacuzzi, fitness room, community room/lounge with billiards, kitchen and television, two dry saunas, common laundry rooms, leasing office, two elevators and controlled access.  The 5 year, floating term loan, amortizes over 30 years and was priced at 1.95% over LIBOR