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9/15/21
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The Retreat, a 148-unit multifamily asset in Santa Clarita, traded hands in a recent, $54.1 mil ($365.5k/unit) transaction. The buyer was an Orange County-based family investment entity.
Located across the street from Santa Clarita’s Valencia’s neighborhood, the property is close to the Santa Clarita Valley’s premier shopping and entertainment venue, Westfield Valencia Town Center, golf courses, Six Flags Magic Mountain and Golden Valley Ranch. Santa Clarita is a top filming location for major studios, including ABC, Apple TV, and Amazon Studios and in addition to media and entertainment, Santa Clarita Valley is home to a variety of industries, including medical and biotech, aerospace and defense, and information technology.
Constructed in 1988, The Retreat has two pools with newly designed outdoor lounge space, fire pit, barbecue area, updated fitness center, modern clubhouse and leasing office, business center, and a recently completed dog park. Unit interiors feature nine-foot ceilings on the first floor, 14-foot vaulted ceilings on the second floor, washers and dryers, air conditioning and fireplaces. The average unit size is 972 sf.
Kevin Green, Joseph Grabiec and Greg Harris with Institutional Property Advisors (IPA) represented the seller, a private Los Angeles owner, and procured the buyer in the deal. Michael Derk with IPA Capital Markets arranged the financing.
“The Santa Clarita Valley has some of the strongest demographics in Southern California,” noted Grabiec. “The Valley’s pro-business environment and ability to attract employers supports a median income of $102,381, which is 48% higher than the rest of Los Angeles County.”
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