Apartment giant Fairfield Residential has added a 130-unit Valencia complex to its Los Angeles County portfolio.
The firm paid $62 million for Madison at Town Center, according to Marcus & Millichap, which brokered the deal. The U.S. subsidiary of Chinese real estate developer Gemdale was the seller.
Gemdale paid $45.9 million for the property in 2017, records show, meaning the recent sale price was a 35 percent bump. Fairfield was one of several firms that bid on the complex, Marcus & Millichap’s Gregory Harris said.
Built in 2003, the complex at 24555 Town Center Drive includes a fitness center and pool.
The property is Fairfield’s first in the area, though it has seven other apartment complexes across the county, and others in San Francisco, as well as in Oregon and throughout the Sun Belt region. Fairfield is majority owned by pension fund California State Teachers’ Retirement System — it acquired the firm from Brookfield in 2019.
In the city of L.A., Fairfield is planning to build a 362-unit development on the Culver City border.