Rockwood at the Cascades, 16601 Foothill Boulevard, Sylmar, CA |
SYLMAR, CA–
Institutional Property Advisors (IPA), a division of Marcus & Millichap
specializing in serving institutional and major private real estate investors,
is pleased to announce the sale of Rockwood
at the Cascades, a 223-unit apartment community located in the North San
Fernando Valley city of Sylmar, Calif. The $45.8 million sales price equates to
$205,000 per unit.
Ronald Harris |
IPA executive vice presidents
investments Ron Harris and Greg Harris, along with IPA directors Paul Darrow, Kevin Green and Joseph Grabiec
and associate director Michael DiSimone,
advised the seller, Fairfield Sylmar LP. The buyer is J&B Asset Management.
“Rockwood at
the Cascades is a low-density, upscale living option located within a rapidly
growing Los Angeles submarket,” says Ron Harris.
“The property’s luxury
finishes, premier amenities and rents priced below that of its major
competitors place it in a position to provide the new owner with a long-term
income stream with consistent rent growth.”
“This
multifamily asset is a commuter’s haven,” adds Greg Harris. “The property is
proximate to five major freeways and there is a Metrolink station about two
miles away that gets residents into downtown Los Angeles in less than 40
minutes.”
Constructed
in 2007 on 12.7 acres at 16601 Foothill Blvd. in Sylmar, the property is
approximately 12 miles northwest of downtown Los Angeles and near Interstate 5,
Interstate 210, Interstate 405, and California state routes 14 and 118. The San
Fernando Valley is home to more than 86,000 businesses, 686,000 jobs and
Fortune 500 companies such as The Walt Disney Company, Anheuser-Busch, Nestle,
and Health Net.
Greg Harris |
Rockwood at
the Cascades is composed of 10 three-story buildings with 118
one-bedroom/one-bath apartments, 15 two-bedroom/one-bath units and 90 two
bedroom/two-bath apartments.
Unit
interiors feature nine-foot ceilings, cherry wood-finish cabinetry, tile
laminate flooring, washer/dryers, cable TV and Internet, oversized double-paned
windows and a black General Electric appliance package.
Select units feature private detached garages,
oversized walk-in closets, and French doors leading to private patios and
balconies.
Common area amenities include a resort-style swimming pool and spa
with cabanas and poolside Wi-Fi, a high-tech fitness center, clubroom with
demonstration kitchen, plasma TV, courtyard with fireplace, dog park and
playing field, and picnic area with barbecue grill.
For a complete copy of the company’s
news release, please contact:
Gina Relva
Public
Relations Manager
(925)
953-1716
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