Valencia Apartment Complex Sold for Nearly $46 Million

The Madison at Town Center, a 130-unit multifamily development in Valencia, sold for $45.9 million, or more than $350,000 per unit, according to Calabasas brokerage Marcus & Millichap Inc. The project is located at 24555 Town Center Dr. next to the Valencia Town Center shopping mall. The buyer was Gemdale USA, a subsidiary of Gemdale Corp., a Chinese real estate developer. The seller was an affiliate of Decron Properties. Senior Managing Director Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.