PALMDALE, CALIF. — Northmarq has arranged the sale of Chaparral Apartments, a 296-unit property in Palmdale, 60 miles north of Los Angeles. A Florida-based real estate investment firm sold the asset to a Los Angeles-based real estate investment firm for $71 million.
Chaparral Apartments includes 16 two-story garden-style buildings, totaling 213,664 square feet, on an 18.2-acre site. The unit mix includes 72 studios, 164 one-bedroom units and 60 two-bedroom units. Apartments feature fireplaces, balconies or patios, walk-in closets and energy-efficient appliances.
Residents have access to amenities such as two pools, three tennis courts, a fitness center, business center, two laundry facilities, a movie theater and residential lounge. The property also offers 488 parking spaces, including 283 covered spaces.
Steven Goldstein, Jeff Benson and Sam Neumark of Northmarq’s Los Angeles Multifamily Investment Sales represented the seller in the deal.