$45.8 Million North San Fernando Valley, CA Multifamily Sale Arranged by IPA

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