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Thursday, May 26, 2022

Valencia Apartment Complex Sells for $62 Million

Madison at Town Center, a 130-unit apartment complex in Valencia, has sold for $62 million, according to Institutional Property Advisors, the division of Calabasas-based brokerage Marcus & Millichap Inc., which handled the deal.

The complex at 24555 Town Center Drive was built in 2003 with more than a dozen different floor plans from one to three bedrooms. All units feature washers and dryers, walk-in closets, single vanities, soaking tubs and gallery-style track light3.ing with spotlights. Amenities include a heated pool, clubhouse, fitness center, internet café and a 24-hour maintenance concierge.

“These attributes uniquely position the asset to benefit from the expanding job base and suburban migration,” Kevin Green, an executive director at IPA, said in a statement.

“Madison at Town Center provides residents with all aspects of first-class apartment living, and its pristine location and convenient access to the I-5 freeway sets this property apart,” IPA Executive Managing Director Gregory Harris said in a statement. “Our strategic marketing campaign garnered a competitive bidding environment, giving our client multiple credible buyers to choose from.”

Antonio Pequeño IV
Antonio Pequeño IV
Antonio “Tony” Pequeño IV is a reporter covering health care, finance and law for the San Fernando Valley Business Journal. He specializes in reporting on some of the biggest names in the Valley’s biotechnology sector. In addition to his work with the Business Journal, Tony has reported with BuzzFeed News on the unsupervised use of Clearview AI, a controversial facial recognition technology. Tony, who also conducts freelance reporting, graduated from the USC’s Master of Science in Journalism program in 2021. He is in his fifth year as a journalist as of 2021.

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