LOS ANGELES—J&B Asset Management has acquired Rockwood at the Cascades from Fairfield Sylmar LP for $45.8 million, or $205,000 per unit. The 223-unit property generated ample interest from a broad range of buyers, including private parties, exchange buyers and institutional equity buyers, who were attracted to the property's modest upside and location.

“The asset is stabilized, but there is a difference between a class-A property in Sylmar and a class-A property in the valley,” Ron Harris, EVP at Institutional Property Advisors, tells GlobeSt.com. “There is about a $200 difference in rent, and so the buyer felt that gap could be partially closed by doing some minor upgrades to the building and the units. The property was desirable because it is truly a commuter haven, and is very close to an intersection of five freeways. As a result, it has great access to downtown, Hollywood and all the way up to Santa Clarita.” Harris represented the seller in the transaction along with Institutional Property Advisors EVP Greg Harris, directors Paul Darrow, Kevin Green and Joseph Grabiec, and associate director Michael DiSimone.

The fully marketed sale generated double-digit offers. The sales team chose the buyer because they were very competitive on both price and terms, and put down a substantial hard money deposit, according to Harris.

Located at 16601 Foothill Blvd. in Sylmar, the property is made up of 10 three-story buildings with a mix of one- and two-bedroom apartments. The interior units feature nine-foot ceilings, cherry-wood finished cabinetry, in-unit washers and dryers and a General Electric Appliance package, while the property features resort-style swimming pool and spa with cabanas and poolside Wi-Fi, a fitness center, clubroom, a dog park and a picnic and barbeque area.

“This was an unusual product for the city of Sylmar,” says Harris. “The vast majority of the multifamily stock in Sylmar was built in the 60s and 70s, and this was a newer product built within the past 10 years, so it was unique.” Not many multifamily properties trade hands in Sylmar; however, the Sylmar Town Center recently traded hands for approximately $33 million.