By Dees Stribling, Contributing Editor
Santa Clarita, Calif.—Resmark Apartment Living, a division of the Resmark Cos., has acquired the interests of its former joint-venture partner Archstone in a new 157-unit multifamily community in Santa Clarita, Calif. Resmark, which didn’t specify the purchase price, is renaming the property the Townhomes at Lost Canyon, and has started leasing.
Construction of the Townhomes at Lost Canyon began in February 2012. Resmark completed development of the project and has retained Lincoln Property Co. to manage the property, which is set on about 12.5 acres adjacent to the Fair Oaks Ranch master-planned community.
Each residence has three bedrooms with two baths and a “powder room,” and a two-car attached garage. Some units have dens, extended private patios with fireplaces, balconies and patios; all of the units include upper-level laundry areas. The property’s topography of the site provides some units with mountain views.
Santa Clarita is the third-largest city in Los Angeles County. New rental housing in the submarket faces competition from for-sale housing, according to investment specialist Marcus & Millichap, which reports that there was a 150-basis point rise in the local apartment market vacancy over the 12 months before the end of the first quarter of 2013. Renters, it seems, are taking advantage of relatively low-priced houses.
Resmark Apartment Living owns or is a JV partner in various apartment properties in the western U.S., including cities in California, Arizona and Washington. Resmark’s other SoCal properties include The Avenue, a 180-unit complex including eight two-story penthouses in Hollywood, and Union Place in Placentia, which has 125 two- and three-bedroom units.