IPA Sells Santa Clarita Valley Multifamily Property for $45.5 Million
Jul 18, 2016

SANTA CLARITA, Calif., July 18, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Monterra Ridge, a 232-unit apartment community in Santa Clarita, California.

“Santa Clarita’s strong population growth, low unemployment, low apartment vacancy and strong projected income growth support the implementation of a value-add renovation program strategy for this asset,” says Greg Harris, IPA executive director. 

Harris, along with IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, and procured the buyer.

“Income growth in Santa Clarita is projected to be 13.7 percent over the next five years,” adds Green. “The city also has a significant affordability gap to home ownership and a scarcity of new multifamily supply, which further support a value-enhancement strategy for Monterra Ridge.”

The property is located at 28085 Whites Canyon Road in Santa Clarita’s Canyon Country neighborhood. Access to greater Los Angeles is provided by interstates 14 and 5 and City of Santa Clarita Transit.

“With 22 percent population growth since 2000, the Santa Clarita Valley is one of the fastest-growing regions in Los Angeles County,” notes Grabiec.

Built in 1985, Monterra Ridge consists of 14 buildings on 21.9 acres. Community amenities include a swimming pool, a wading pool, a spa, two playgrounds, a sand volleyball court, and a dog park. Apartment homes feature breakfast bars and spacious patios or balconies.