Luxury Multifamily Value-Add Opportunity Sold by IPA for $45.9 Million
VALENCIA, Calif., Jan. 24, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of The Madison at Town Center, a 130-unit luxury multifamily property in Valencia, California. The $45.9 million sales price equates to more than $350,000 per unit.
“The Madison at Town Center is an award-winning property that stands out as one of the premier multifamily assets in the Santa Clarita Valley and yet also presents new ownership with a strategic value-add opportunity that can be focused on revenue- generating improvements,” says Kevin Green, senior managing director.
Green, Greg Harris and Joseph Grabiec of IPA represented the seller, an affiliate of Decron Properties, and procured the buyer, Gemdale USA, a subsidiary of Gemdale Corp., one of China’s largest and leading real estate developers.
“The community benefits from excellent submarket fundamentals, including a 54.9 percent increase in population growth over the last 16 years, a vacancy rate of 1.7 percent in 2016, and median household income that is projected to increase by 13 percent to $106,321 by 2021,” adds Grabiec. Built in 2003, the three-building property is situated next to the Westfield Valencia Town Center and is proximate to Interstate 5.