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

Los Angeles /
Jun.June 14, 2019 12:00 PM
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.

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.


Related Articles

arrow_forward_ios
Jim Rosten of Benedict Canyon Equities and The Retreat apartment complex in Santa Clarita (The Retreat, BCE)
Benedict Canyon nabs tidy profit on Santa Clarita apartment complex
Benedict Canyon nabs tidy profit on Santa Clarita apartment complex
Overton Moore Properties CEO Timur Tecimer with an aerial of the property (Google Maps, OMP)
Gardena industrial complex sells to Overton Moore Properties for $35M
Gardena industrial complex sells to Overton Moore Properties for $35M
Oxford Properties CEO Michael Turner and the campus (Oxford)
Oxford moves into LA with $134M industrial buy
Oxford moves into LA with $134M industrial buy
Fairfield Residential CEO Greg Pinkalla and Madison at Town Center (Fairfield, Marcus and Millichap)
Apartment giant Fairfield Residential pays $62M for Valencia complex
Apartment giant Fairfield Residential pays $62M for Valencia complex
Western National Group CEO Michael Hayde and ASB Real Estate Investments CEO Robert Bellinger with the apartments (ASB, Western National)
ASB, Western National buy Inland Empire apartment complex for $227M
ASB, Western National buy Inland Empire apartment complex for $227M
Emile Haddad will remain on the board for FivePoint (Getty)
CEO of FivePoint, among Cali’s largest homebuilders, stepping down
CEO of FivePoint, among Cali’s largest homebuilders, stepping down
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
Let’s make a deal: SF’s small landlords confront lost rent and vacancies
2221 Park Place (Cardinal Investments)
A pair of El Segundo office conversions sell in eight-figure deals
A pair of El Segundo office conversions sell in eight-figure deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...