SoCal Community Acquired for $71M
The property last traded more than three decades ago.
A Florida-based real estate investment firm has sold Chaparral Apartments, a 296-unit multifamily property in Palmdale, Calif., for $71 million. Northmarq brokered the deal on behalf of the seller.
This is the first time the asset traded in 31 years. Post Investment Group acquired the property, according to Yardi Matrix information. The firm took out a $52.6 million acquisition loan from KeyBank that is set to expire in 2032.
Located at 38441 5th St. W., the community is 2 miles from downtown Palmdale and 6 miles from the city’s regional airport. Downtown Los Angeles in less than 62 miles southeast.
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Completed in 1987, the value-add property encompasses 16 two-story garden-style buildings spread across more than 18 acres. The unit mix comprises studio, one- and two-bedroom floorplans, ranging between 484 and 974 square feet. Apartments also feature walk-in closets and private balconies or patios.
Common-area amenities include a fitness center, spa, two swimming pools, two laundry facilities and three tennis courts. Chaparral Apartments also has a clubhouse with kitchen and TV lounge, business center and a theater room, as well as 488 parking spaces.
Northmarq Vice President Steven Goldstein, Managing Director Jeff Benson and Senior Vice President Sam Neumark brokered the deal on behalf of the seller.
San Fernando Valley sales almost double year-over-year
Multifamily transactions activity in the San Fernando Valley – Ventura County market almost doubled last year compared to 2023, according to Yardi Matrix information. In 2024, the area saw 23 properties comprising 3,664 units changing hands for more than $1 billion—up from the 18 assets and 2,203 apartments that traded for $572.6 million in the previous year.
One of the largest deals of 2024 in the market was Afton Properties’ acquisition of The Landing at Arroyo, a 212-unit community in Simi Valley Calif. The company paid $95 million for the 2023-completed asset, the same data provider shows.
