Jefferson Vista Canyon Aligns with Core Investment Strategy

Harbor Group International LLC (HGI) and Azure Partners LLC formed a joint venture for the acquisition of Jefferson Vista Canyon, a 480-unit class-A apartment community in Santa Clarita. HGI and Azure acquired the property from JPI.

“We are excited to announce our first acquisition in California, and expect this transaction to serve as a springboard to more opportunities in the western United States as we seek to expand our presence in the region,” says Bryant Ferber, Azure’s managing director and head of acquisitions. “Jefferson Vista Canyon aligns perfectly with our core investment strategy to acquire best-in-class assets in submarkets with strong growth trajectories.”

The Jefferson Vista Canyon Apartments are part of a 185-acre mixed-use master-planned development. At completion, the development will feature 650,000 square feet of office space and 165,000 square feet of retail, and include an 11-acre park and direct access to 10 miles of hiking and walking trails. The city of Santa Clarita will construct a bridge across the Santa Clara River connecting the development with Soledad Canyon Road.

“This acquisition highlights HGI’s investment strategy of acquiring properties in well-located dynamic markets with strong employment fundamentals,” said Richard Litton, president, HGI. “We look forward to expanding our footprint in Southern California.”

JLL brokered the transaction and arranged a $173 million floating rate loan on behalf of HGI and Azure. Square Mile Capital Management LLC originated the loan.

The financing was arranged by Jamie Leachman and Brandon Smith from JLL. The JLL team representing the seller was led by Peter Yorck and Nick Lavin. The JLL debt advisory team representing the borrowers was led by Brandon Smith, Annie Rice and Jamie Leachman.