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Low-Density Apartments Win Big

LOS ANGELES—A 223-unit apartment building trades hands for $45.8 million, generating double digit offers from a wide-range of buyers.

By Kelsi Maree Borland | Updated on June 03, 2015

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.

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