A 510-unit apartment building in Stevenson Ranch has sold for $167 million to a Los Angeles-based real estate investment firm and apartment operator.
IMT Residential and its affiliate IMT Capital bought the 32-acre multi-family property in early September, IMT Residential said in a news release.
At more than $320,000 per unit, Goldman Sachs & Co. sold the apartment complex located at 25399 The Old Road.
IMT Stevenson Ranch, known as The Summit at Stevenson Ranch, sits upon a hilltop and offers amenities like three resort-style pools, a sand volleyball court, racquetball courts and a fitness center.
Along with two Northern California properties, the Santa Clarita Valley complex was the only Southern California acquisition in September, IMT Residential said.
“We are excited to expand our portfolio across the California coast with the addition of these three new communities,” Joseph Elhabr, vice president of IMT Residential, said in a statement. “Southern California has proven to be a great location for us, and IMT Residential is excited to broaden our growth and expand our high level of customer service to the East Bay of the San Francisco Area.”
Holly Schroeder, president and CEO of the Santa Clarita Valley Economic Development Corporation, said, “The purchase demonstrates the strength of the Santa Clarita Valley market and shows that these companies recognize the long-term value of making investments in the Santa Clarita Valley.”
