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Friday, Jun 9, 2023

Santa Clarita Multifamily Sells for $54 Million

The Retreat, 148-unit apartment complex in Santa Clarita, has sold for $54.1 million, according to Calabasas-based brokerage Marcus & Millichap Inc., which negotiated the sale.

The property at 22900 Oak Ridge Drive has an average unit size of 972 square feet. Amenities include two pools, outdoor lounge spaces, fire pit, barbecue area, fitness center, clubhouse, business center and a recently completed dog park.

The price represents $365,540 per unit.

Institutional Property Advisors, a subsidiary of Marcus & Millichap, handled the deal with IPA’s Executive Director Kevin Green and the firm’s Joseph Grabiec and Greg Harris represented the seller, a private Los Angeles owner, and procured the buyer, an Orange County-based private family.

“We ran an extremely competitive process that saw both institutional and private capital competing,” Green said in a statement. “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 Santa Clarita Valley has some of the strongest demographics in Southern California,” Grabiec added in a statement. “The valley’s pro-business environment and ability to attract employers supports a median income of $102,381, which is 48 percent higher than the rest of Los Angeles County.”

Michael Derk, executive managing director capital markets at IPA, arranged the deal’s financing.

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