An upscale 223-unit apartment complex in Sylmar has traded hands for $45.8 million.
Tarzana real estate investment firm J&B Asset Management purchased Rockwood at the Cascades from Overland Capital Group Inc. of Boston and Fairfield Residential, a multifamily investor and property management group in San Diego that developed the property.
The 219,000-square-foot complex was built in 2007 on 12.7 acres at 16613 Foothill Blvd., according to real estate data provider CoStar Group Inc. The purchase price amounts to $205,000 a unit.
The property includes 10, three-story buildings with one- and two-bedroom units, according to Institutional Property Advisors, a division of Calabasas-based Marcus & Millichap, which represented both sides of the deal. Select units feature private, detached garages, oversized walk-in closets and French doors leading to private patios and balconies.
The common area amenities include a resort-style swimming pool and spa with cabanas and poolside Wi-Fi, a fitness center, a clubroom and a courtyard with a fireplace, dog park and playing field.
Another major attraction for renters is the complex’s proximity to the Sylmar/San Fernando Metrolink train station, which takes commuters to Los Angeles’ Union Station in about 40 minutes, said Greg Harris, executive vice president at Institutional Property Advisors.
Also involved in the deal were IPA Executive Vice President Ron Harris, Directors Paul Darrow, Kevin Green and Joseph Grabiec and Associate Director Michael DiSimone.