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SANTA CLARITA, CA-The 158-unit Canyon Crest apartment complex has sold for $23 million in a transaction that is believed to be the largest multifamily deal in the region since 2006, according to principal Jim Fisher of Lee & Associates LA North/Ventura Inc., who negotiated the sale along with Lee principal Craig Stevens and associate Mike Smith. Santa Clarita Canyon Crest LLC acquired the property, which is at 23639 San Fernando Rd. in Santa Clarita, from an institutional real estate investment company that had owned the complex for approximately 10 years.

Fisher, whose team represented both the buyer and the seller, comments that the transaction “reflects the increased desire on the part of private real estate investors to enter the institutional investment market” today. “We are definitely seeing more private parties stepping up to acquire these types of assets.”

Fisher notes that the buyer owns a nearby apartment building and can achieve certain economies of scale with the addition of Canyon Crest to its portfolio.

“We were able to identify the right buyer for this asset and both parties were satisfied with the outcome,” he says.

Canyon Crest’s occupancy rate was 95% at the time of the sale. The complex, which was built in 1992, includes units of one to three bedrooms ranging from 690 square feet to 1,122 square feet. Each unit has stacked washer/dryer sets and private balcony/patios. Other common area amenities include a pool and two spas, fitness center, basketball court and subterranean parking.

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