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6/05/15
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Rockwood at the Cascades, a 223-unit apartment community located in the North San Fernando Valley city of Sylmar, sold for $45.8 mil, or about $205k/unit. The buyer was J&B Asset Management.
Constructed in 2007 on 12.7 acres at 16601 Foothill Blvd, the property is approximately 12 miles northwest of downtown Los Angeles and near I-5, I-210, I-405, and California state routes 14 and 118.
Rockwood at the Cascades is composed of 10 three-story buildings with 118 one-bedroom/one-bath apartments, 15 two-bedroom/one-bath units and 90 two bedroom/two-bath apartments. Unit interiors feature nine-foot ceilings, cherry wood-finish cabinetry, tile laminate flooring, washer/dryers, cable TV and Internet, oversized double-paned windows and a black General Electric appliance package.
Select units feature private detached garages, oversized walk-in closets, and French doors leading to private patios and balconies. Common area amenities include a resort-style swimming pool and spa with cabanas and poolside Wi-Fi, a high-tech fitness center, clubroom with demonstration kitchen, plasma TV, courtyard with fireplace, dog park and playing field, and picnic area with barbecue grill.
Institutional Property Advisors (IPA) executive vice presidents investments Ron Harris and Greg Harris, along with IPA directors Paul Darrow, Kevin Green and Joseph Grabiec and associate director Michael DiSimone, advised the seller, Fairfield Sylmar LP.
“Rockwood at the Cascades is a low-density, upscale living option located within a rapidly growing Los Angeles submarket,” says Ron Harris. “The property’s luxury finishes, premier amenities and rents priced below that of its major competitors place it in a position to provide the new owner with a long-term income stream with consistent rent growth.”
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