The community is offered “unpriced,” with a bid deadline in September. When asked what it might fetch, Zander could not disclose a number, but notes that “it will sell at a definite discount to the replacement cost.”

The offering is an opportunity for an investor to take advantage of a rising rent growth climate, combined with debt at historic low interest rates, adds Zander.

As to reasons for selling, Zander says that Fairfield Residential is selling “to wind down their partnership with their East Coast partner.”

Rockwood is a fully-amenitized garden style community and is currently over 95% leased. Rockwood offers a mix of one and two bedroom apartment homes, and features a leasing center, resident club lounge, business center, fitness center, outdoor fireplace, pool, spa, and an al fresco dining area with built-in BBQs. Individual unit amenities include central air, a private patio or balcony, and full size washer/dryer. Select units have an enclosed private garage. Unique to the property is a one acre dedicated dog park, which offers residents plenty of open space for their pets. Still owned and operated by the original developer, the property has been impeccably maintained, and shows like new construction.

According to Norris, “There’s no better class A offering of 100 or more units currently available in the San Fernando Valley. We expect a significant amount of activity on this listing from both institutional and private capital buyers”.

Strong occupancy and increasing rent growth along with exceptionally low financing costs make this an ideal time to buy, Zander adds.

Current occupancy rates in the Sylmar sub-market are at or above 95%. Continued rent growth and strong occupancy are forecast through Q4/2012.