Harbor Group Buys Santa Clarita Apartment Building
The investor purchased the 480-unit class-A building in partnership with Azure Partners with a $173 million floating-rate loan.
Harbor Group International and Azure Partners have teamed up to acquire Jefferson Vista Canyon, a 480-unit apartment complex in Santa Clarita, California, from JPI. The investor purchased the property with a $173 million floating-rate loan.
The new construction property, which came to market in 2021, is part of a 185-unit master planned community with 650,000 square feet of office space and 165,000 square feet of retail, and will include an 11-acre park and direct access to 10-miles of hiking and walking trails. The property is located in near several employment hubs, including aerospace and defense, biotech, advanced manufacturing, digital media and entertainment and information technology.
The property is Harbor Group International’s seventh purchase in the market, but the firm has been actively buying multifamily assets across the country with at least two major portfolio purchases last year. In March, the investor purchased an eight-property, 2,300-unit multifamily portfolio in the Southeast for $309 million. Seven of the properties are located in the North Carolina markets of Charlotte, Raleigh, Winston-Salem, Greensboro and Durham, while the eighth community is located in Hampton, Virginia. Harbor Group International is investing $13 million in capital improvements across the portfolio, spanning interior unit renovations and appliance installations.
A month later, Harbor acquired a 56-asset, 5,490-unit multifamily portfolio in partnership with Image Capital for $390 million deal. The portfolio consists of single-story workforce housing properties across five states in the eastern United States. The company plans to invest $25 million in capital improvements and enhancements to the properties, including $3.6 million on unit renovations.
It’s buying spree isn’t restricted to multifamily. In August, it entered into an agreement to acquire 51 West 52nd St., an office tower in Midtown Manhattan, for $760 million. Often called the CBS Building or Black Rock, this purchase is the first time the building has traded since it opened in 1964. As the former owner-occupier, ViacomCBS will lease back its space on a short-term basis.
JLL managing director Peter Yorck and director Nick Lavin represented the seller in the deal, while managing directors Brandon Smith, Annie Rice and Jamie Leachman secured the loan on behalf of Harbor in the deal.