Harbor Group International, LLC and Azure Partners, have announced their joint venture for the acquisition of Jefferson Vista Canyon, a 480-unit, Class A apartment community in Santa Clarita, Calif. HGI and Azure acquired the property from JPI. JLL brokered the transaction and arranged a $173 million floating-rate loan on behalf of HGI and Azure.
The Jefferson Vista Canyon Apartments are part of a 185-acre, mixed-use master-planned development. At completion, the development will feature 650,000 square feet of office space and 165,000 square feet of retail and will include an 11-acre park and direct access to 10-miles of hiking and walking trails.
The community is centrally located and connects residents to major employment opportunities within the Santa Clarita Valley, the neighboring San Fernando Valley, and throughout Greater Los Angeles via Route 14 and I-5. The property offers an embedded Metrolink commuter rail and bus transfer station, which will provide residents additional modes of access to major employment and entertainment centers in Greater Los Angeles.
“The Jefferson Vista Canyon community provides the accessibility, convenience, and connectivity today’s residents are seeking,” said Richard Litton, President, HGI 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.”
“This luxury asset had a tremendous lease-up over the past twelve months and will soon reach stabilization, demonstrating strong renter demand for this product and location,” said Yorck. “The sale of Jefferson Vista Canyon indicates continued robust investor interest in more suburban pockets of Los Angeles County, such as Santa Clarita.”
Built in two phases from 2020 to 2021, Jefferson Vista Canyon features contemporary finishes including pools and a rooftop deck. Interior units include a mix of studio, one-, two- and three-bedroom layouts.
Jefferson Vista Canyon adds to HGI’s Southern California multifamily portfolio and marks the firm’s seventh multifamily investment in the region.
Harbor Group International, LLC, and its affiliates control an investment portfolio of $16.3 billion including 4.4 million square feet of commercial space throughout the United States and the United Kingdom and 59,000 apartment units in the United States.
Azure Partners LLC is a real estate investment firm focused on the acquisition and management of real estate assets within high-growth markets in the United States.
JPI is a national developer, builder, and investment manager of Class A multifamily assets across the U.S., with over 5,000 apartment homes under construction. JPI is headquartered in Irving, Texas, and has an office in California.
JLL is a professional services firm that specializes in real estate and investment management.
