Jason Post’s Post Investment Group planted a flag in Antelope Valley north of Los Angeles, The Real Deal has learned.
The Beverly Hills-based investor paid $71 million to buy Chaparral Apartments, a 296-unit rental complex spanning 16 buildings at 38441 5th Street West in the desert city of Palmdale, according to property records filed in Los Angeles County earlier this month.
The deal values the property at just under $240,000 per unit.
Scott Pickett, the head of Post Investment’s multifamily division, did not immediately respond to a request for comment. The seller, a shell company registered in Nevada linked to George and Richard Brock, could not be reached for comment.
KeyBank Real Estate Capital provided a $52.6 million loan to Post Investment for the acquisition, according to property records. It comes with a seven-year term. A spokesperson for the lender declined to comment.
Northmarq’s Steven Goldstein, Jeff Benson and Sam Neumark brokered the deal.
Post Investment also recently popped up in the North Hollywood multifamily market, purchasing a 236-unit apartment complex at 12300 Sherman Way with Walker & Dunlop Investment Partners last year for $44 million, as TRD previously reported.
Read more
Residential
Los Angeles
Post and Walker & Dunlop pick up NoHo apartment complex for $44M
Development
Los Angeles
Ravello nabs $55M in construction financing for Palmdale affordable project
Commercial
Los Angeles
Merlone Geier sells second Palmdale mall in a month