BISNOW: The Deal Sheet

Symphony Development


Symphony Development, which specializes in student housing and college-related mixed-use projects, bought a 1.5-acre US Postal Service site (9534-9546 Reseda Blvd), one block west of Cal State Northridge for $5.5M. The buyer plays to redevelop the site, now occupied by an aging one-story post office, when the lease expires in six years. According to Colliers’ Jeff Gould, who repped both sides, the Northridge Specific Plan calls for higher-density development over the next decade in this region, including multifamily housing and mixed-use retail development.
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Colliers Closes Sale of Post Office Site Near Cal State Northridge to Los Angeles-Based Investment Firm


“The area surrounding CSUN benefits from strong economic drivers, including a growing student population, and an overall lack of retail and housing amenities, to meet this growing demand,” said Gould. “This property offers the buyer the benefit of a steady income stream from the existing tenant, while owning a valuable piece of land in an area that is primed for future appreciation and redevelopment.”
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Cal State Northridge Redevelopment


“The area surrounding CSUN benefits from strong economic drivers, including a growing student population, and an overall lack of retail and housing amenities, to meet this growing demand,” said Gould. “This property offers the buyer the benefit of a steady income stream from the existing tenant, while owning a valuable piece of land in an area that is primed for future appreciation and redevelopment.”
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