Valencia-based Newhall Land & Farming is the largest developer in the Santa Clarita Valley. Its partnership units are traded on the New York Stock Exchange under the symbol. NHL.
The four apartment buildings were sold for $79 million cash and $50 million of assumed debt. Newhall Land officials won't identify the buyer, other than to say it is a real estate investment trust.
Newhall Land officials say they'll use at least part of the sale proceeds to buy back more of their publicly traded partnership units through a program announced several months ago. The company sold four of its office buildings to LA-based Properties Group just a few weeks ago and also has been selling some of its shopping centers and raw land.
The sale of the apartment buildings will contribute about $74 million to the company's fourth-quarter net income, Newhall Land says in a statement.
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