Apartment giant Fairfield Residential pays $62M for Valencia complex

Gemdale USA sold 130-unit community for a third more than it had shelled out

Los Angeles /
Sep.September 13, 2021 09:00 AM
Fairfield Residential CEO Greg Pinkalla and Madison at Town Center (Fairfield, Marcus and Millichap)
Fairfield Residential CEO Greg Pinkalla and Madison at Town Center (Fairfield, Marcus and Millichap)

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.





    Related Articles

    arrow_forward_ios
    California Home Builders' Shawn Evenhaim and Q Apartments at 5901 Center Drive, Playa Vista (The Q Playa, California Home Builders, Getty)
    Developer applies Q brand to Playa Vista apartments
    Developer applies Q brand to Playa Vista apartments
    Los Angeles Councilman Marqueece Harris-Dawson and Area around USC in Exposition Park (Wikipedia, Hunter Kerhart Architectural Photography)
    New LA plan seeks to protect affordable housing near USC
    New LA plan seeks to protect affordable housing near USC
    From left: Gelt's Steve and Keith Wasserman with 4041-4121 Radford Ave (Realtor, Gelt, Getty)
    Gelt pays $76M for 149-unit complex in Studio City
    Gelt pays $76M for 149-unit complex in Studio City
    John Wayne and 2612 Mesa Drive in Newport Beach (Getty, Zillow)
    Former duck farm in Newport Beach asks $25M
    Former duck farm in Newport Beach asks $25M
    (Illustration by The Real Deal with Getty)
    In Pasadena, houses of worship can build affordable housing
    In Pasadena, houses of worship can build affordable housing
    Target's Brian Cornell and Grubb Properties' Clay Grubb with 1000 South Vermont Avenue (Target, Clay Grubb, Google Maps)
    Target to open store at multifamily development in Koreatown
    Target to open store at multifamily development in Koreatown
    A rendering of 4827 South Crenshaw Boulevard (Hopson Rodstrom Design)
    32-unit apartment complex planned for Hyde Park
    32-unit apartment complex planned for Hyde Park
    (Illustration by Priyanka Modi for The Real Deal with Getty)
    August home sales rose 8% in SoCal, despite summer slowdown
    August home sales rose 8% in SoCal, despite summer slowdown
    arrow_forward_ios

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

    Loading...