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August 18, 2018
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SOUTHERN CALIFORNIA NEWS
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Gemdale USA Buys 130 Units in Santa Clarita for $46 Mil

1/25/18

The Madison at Town Center, a 130-unit luxury multifamily property in Valencia, sold for $45.9 mil, or about $350k per unit. The buyer was Gemdale USA, a subsidiary of Gemdale Corp, one of China’s largest and leading real estate developers.

Built in 2003, the three-building property is located at 24555 Town Center Dr, next to the Westfield Valencia Town Center and close to I-5. Units at the property feature ceiling fans, modern kitchens, large closets, washer/dryer units and a private patio or balcony. Common area amenities include a fitess center, media room, clubhouse, courtyards with gas grills, bike racks and a pool with a sauna.

Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors represented the buyer and the seller, an affiliate of Decron Properties. According to Grabiec, the community benefits from excellent submarket fundamentals, including a 54.9% increase in population growth over the last 16 years, a vacancy rate of 1.7% in 2016, and median household income that is projected to increase by 13% to $106,321 by 2021.





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