Northmarq’s Los Angeles Multifamily Investment Sales team of Steven Goldstein, Jeff Benson and Sam Neumark successfully brokered the sale of Chaparral Apartments for $71 million. Northmarq represented the seller, a Florida-based real estate investment firm. The buyer was a Los Angeles-based real estate investment firm.
Chaparral Apartments, a 296-unit value-add community, is one of the largest multifamily assets in Palmdale and was on the market for the first time in over 31 years. The property spans 18.21 acres with 16 two-story garden-style buildings, totaling 213,664 sq. ft. The unit mix includes 72 studios, 164 one-bedroom units and 60 two-bedroom units.
“This sale represents a rare opportunity for the buyer to acquire an asset that has been extremely well maintained by current ownership and management but also leaves upside in the rents by implementing a renovation program focused mainly on the interiors as 72% of the property is still in ‘classic’ condition,” said Benson.
Chaparral Apartments boasts a robust amenity package, including two swimming pools, three tennis courts, a fitness center, a business center, two laundry facilities, a movie theater and a resident lounge. Units feature fireplaces, private balconies or patios, walk-in closet, and energy-efficient appliances. The property also offers ample parking with 488 spaces, including 283 covered spots.
“Palmdale and the greater Antelope Valley have seen tremendous growth over the last cycle, and Chaparral has been recognized as one of the crown jewels of the submarket,” said Goldstein. “Through the marketing process, the property received double digit offers from both local/regional sponsors as well as national operators which was attributed to the demand of large-scale garden-style apartments in Los Angeles County, but outside of Los Angeles City limits.”
With historically high occupancy above 95% from 2021 to 2024, Chaparral Apartments provides a stable income stream with potential for revenue growth through unit upgrades and operational efficiencies.
