Investment firm Compass Acquisition Partners has acquired one of the largest multifamily properties in Santa Clarita.
The company paid $60 million for the 232-unit multi-building Sierra Canyon Apartments, records show. The 255,750-square-foot complex spans 8.3 acres and is located at 27520 Sierra Highway. The 33-year-old development’s average unit size is just over 1,100 square feet.
Woodland Hills-based Compass Acquisition acted through Sierra Canyon Apartments #1 LLC and Sierra Canyon Apartments #2 LLC.
The seller is an affiliate of investment company Klingbeil Capital Management. It bought the Sierra Canyon property in 2002 for $23.3 million. Robert Conn, vice president of acquisitions for Klingbeil, confirmed the latest sale.
Klingbeil, a multifamily investment firm based in Ohio, acted through KMF Sierra Canyon LLC.
In Santa Clarita, rents are growing faster than anywhere else in Los Angeles, according to a recent report. It’s also where the 21,000-home Newhall Ranch project is being developed, and home to the Stevenson Ranch complex, which traded for $166.8 million last year.
Klingbeil made moves in Florida earlier this year. The firm purchased a 280-unit apartment complex in Boynton Beach for $51.8 million.