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Value-Add Palmdale Apartments Trade for First Time in Three Decades
Northmarq’s Los Angeles Multifamily Investment Sales team of Steven Goldstein, Jeff Benson and Sam Neumark brokered the sale of Chaparral Apartments in Palmdale 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 more than 31 years. The property spans 18.21 acres with 16 two-story garden-style buildings, totaling 213,664 square feet. 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.
- ◦Sale/Acquisition
