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Los Angeles

Compass Acquisition Partners buys one of largest resi complexes in Santa Clarita

Sale of the 232-unit property comes amid an area that has seen fast-rising rents

From left: John Walsh, founding Principal of Compass Acquisition Partners, and Robert Conn, Vice President, Acquisitions, Klingbeil Capital Management
From left: John Walsh, founding Principal of Compass Acquisition Partners, and Robert Conn, Vice President, Acquisitions, Klingbeil Capital Management

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.

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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.

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Investment SalesSanta Clarita