Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of The Madison at Town Center, a 130-unit apartment complex in Valencia, California. The asset traded for $62 million, or $476,923 per unit.
“Nestled in the scenic hills of the Santa Clarita Valley, The Madison at Town Center apartments epitomizes modern luxury living and classic suburban charm,” said Kevin Green, IPA Executive Director for the firm’s South Bay office. “These attributes uniquely position the asset to benefit from the expanding job base and suburban migration.
“Built in 2003, the property boasts incomparable community amenities unavailable at other similar sized multifamily properties, which positions it to be a market leader for years to come,” added Joseph Grabiec, IPA Executive Director. Green, Grabiec and Gregory Harris, IPA executive managing director represented the seller, Gemdale USA, and procured the buyer, Fairfield Residential.
The Madison at Town Center boasts exceptional communal and in-unit amenities including access to its resort-style heated pool, fitness center, clubhouse, internet café and a 24-hour maintenance concierge.
The asset’s 16 different floor plans, ranging from 1 to 3 bedrooms, all feature lavish finishes and features such as full-size, side-by-side GE washer and dryers, large walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, deep soaking tubs, and single vanities.
“The Madison at Town Center provides residents with all aspects of first-class apartment living, and its pristine location and convenient access to the I-5 freeway sets this property apart,” added Harris. “Our strategic marketing campaign garnered a competitive bidding environment, giving our client multiple credible buyers to choose from.”