Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. recently announced the sale of a luxe apartment community in sunny and swanky Santa Clarita.
IMT Valencia, a luxury, 208-unit apartment asset in the affluent Valencia neighborhood, went to an unnamed institutional investor for an undisclosed price.
The property is located at 28100 Smyth Drive in the Valencia submarket of Santa Clarita. Built in 2003, it’s footprint on a generous 12.7 acres.
[Tweet “Luxury building in LA area changes hands”]
Luxury apartments in Santa Clarita boast all the amenities
Nineteen buildings totaling 212,905 net rentable square feet comprise the complex. Indoor community amenities include a clubroom with a TV lounge and billiards area, a children’s play area, and a 24-hour fitness facility.
Outdoors, residents enjoy a heated swimming pool and spa, a picnic area with gas barbecue grills, TVs and misters and individual garages.
Residents choose from one-, two- and three-bedroom floor plans. The units include nine-foot ceilings, crown moldings, breakfast bars, full-size washers and dryers, and a private balcony or patio.
The community is close to a variety of diverse shopping options. Nearby shopping areas include the Highridge Crossing and Gateway Village shopping centers. Home Depot and Walmart are close by.
A variety of significant employers are within a short distance from IMT Valencia, making it a wonderful option for employees who want to be close to everything.
Employers nearby represent a diversity of industries, some of which offer high-salaried technical careers. Big employers nearby include Advanced Bionics, Andrews International, Boston Scientific, Henry Mayo, Kaiser Permanente, Princess Cruises, Quest Diagnostics, Remo Inc., Six Flags, Sunkist and Ultraviolet Devices.
IPA executive familiar with the sale said that IMT Valencia is a desirable asset in a market with a strong demand for luxury apartment units. As with much of the hot parts of the state, the city has a significant gap between apartment costs and the price of entry into homeownership, making luxury apartments in Santa Clarita attractive.
And, new supply into the market is limited.
“The new owner is in an excellent position to capitalize on the property’s status as one of the premier luxury rental housing options in a submarket that boasts strong population growth, low vacancy, low unemployment, and strong projected income growth,” said IPA director Kevin Green, in a statement.
Institutional Property Advisors is a division of Marcus & Millichap Inc. specializes in serving institutional and major private real estate investors.
