Harbor Group International and Azure Partners have entered a joint venture for the acquisition of Jefferson Vista Canyon, a 480-unit, mixed-use master planned apartment community in Santa Clarita.
HGI and Azure acquired the property from JPI.
JLL brokered the transaction, arranging a $173 million floating rate loan on behalf of HGI and Azure.
The Jefferson Vista Canyon Apartments sits on 18.5 acres. The development features 650,000 square feet of office space and 165,000 square feet of retail. The community also includes an 11-acre park and direct access to 10 miles of hiking and walking trails.
Built in two phases from 2020 to 2021, Jefferson Vista Canyon includes resort-style pools and a rooftop deck. Interior units include a mix of studio, one-, two- and three-bedroom layouts.
As part of the plan, the city of Santa Clarita will construct a bridge across the Santa Clara River connecting the development with Soledad Canyon Road.
The property also offers an embedded Metrolink commuter rail and bus transfer station.
The Santa Clarita region is located within a short range of employers within aerospace and defense, medical devices and biotech, advanced manufacturing, digital media and entertainment and information technology.
“The Jefferson Vista Canyon community provides the accessibility, convenience and connectivity today’s residents are seeking,” HGI President Richard Litton said in a statement. “This acquisition highlights HGI’s investment strategy of acquiring properties in well-located, dynamic markets with strong employment fundamentals. We look forward to expanding our footprint in Southern California.”
Bryant Ferber, Azure’s managing director and head of acquisitions, added: “We are excited to announce our first acquisition in California, and expect this transaction to serve as a springboard to more opportunities in the western United States as we seek to expand our presence in the region. Jefferson Vista Canyon aligns perfectly with our core investment strategy to acquire best-in-class assets in submarkets with strong growth trajectories.”
The JLL Capital Markets team representing seller JPI was led by Managing Director Peter Yorck and Director Nick Lavin. The JLL Capital Markets Debt Advisory team representing borrowers HGI and Azure was led by Managing Directors Brandon Smith, Annie Rice and Jamie Leachman.