Two apartment complexes in the Santa Clarita Valley sold recently for more than $50 million apiece.
The Madison at Town Center, a 130-unit apartment complex in Valencia, sold for $62 million, or $476,923 per unit, while The Retreat, a 148-unit apartment complex in Santa Clarita, sold for $54.1 million, which represents $365,540 per unit.
Institutional Property Advisors, a subsidiary of Marcus & Millichap, negotiated the deal for both complexes, with IPA’s Kevin Green and Joseph Grabiec, executive directors, and Gregory Harris, executive managing director, representing the sellers and procuring the buyers, according to IPA news releases.
“We ran an extremely competitive process that saw both institutional and private capital competing,” Kevin Green, IPA executive director, said in a prepared statement regarding The Retreat complex sale. “The winning bidder was a private family office that saw heightened value in the stabilized nature of the asset combined with a proven and executable renovation strategy that could be replicated.”
The Retreat, located at 22900 Oak Ridge Drive, has an average unit size of 972 square feet, with two pools, an outdoor lounge space, fire pit, barbecue area, fitness center, clubhouse, business center, and recently completed dog park.
“The Madison at Town Center provides residents with all aspects of first-class apartment living, and its pristine location and convenient access to the (Interstate 5) freeway sets this property apart,” Harris said in the statement regarding The Madison. “Our strategic marketing campaign garnered a competitive bidding environment, giving our client multiple credible buyers to choose from.”
The Madison at Town Center’s amenities include a heated pool, fitness center, clubhouse, internet café and 24-hour maintenance concierge.
“The Santa Clarita Valley has some of the strongest demographics in Southern California,” Grabiec added in the statement. “The valley’s pro-business environment and ability to attract employers supports a median income of $102,381, which is 48% higher than the rest of Los Angeles County.”