Harbor Group International LLC and Azure Partners LLC announced their joint venture to acquire Jefferson Vista Canyon, a 480-unit Class A condominium complex in Santa Clarita. HGI and Azure acquired the property from JPI. JLL brokered the transaction and arranged a $173 million adjustable rate loan on behalf of HGI and Azure.
The Jefferson Vista Canyon Apartments are part of a 185-acre, mixed-use, master plan development designed to provide residents with convenient and walking access to employment, recreation and entertainment opportunities. Upon completion, the development will include 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 City of Santa Clarita will construct a bridge over the Santa Clara River that will connect the project to Soledad Canyon Road and provide a key access point to complement the anticipated increase in population and visitor density of the micro-site.
The community is centrally located and easily connects residents to key employment and lifestyle hubs in the Santa Clarita Valley, neighboring San Fernando Valley and throughout Greater Los Angeles via Highway 14 and Interstate 5, providing residents with additional access options to major employment and entertainment centers in the greater Los Angeles area. The Santa Clarita area is close to a number of employers in the aerospace and defense, medical device and biotechnology, advanced manufacturing, digital media and entertainment, and information technology sectors.
“The Jefferson Vista Canyon community offers the accessibility, convenience and connectivity today’s residents seek,” said HGI President Richard Litton. “This acquisition underscores HGI’s investment strategy of acquiring properties in well-located, dynamic markets with strong employment fundamentals. We look forward to expanding our presence in Southern California.”
Bryant Ferber, Azure’s Managing Director and Head of Acquisitions, added, “We are pleased to announce our first acquisition in California and expect this transaction to serve as a springboard to additional opportunities in the western United States as we… want to expand our presence there the region. Jefferson Vista Canyon fits perfectly with our core investment strategy of acquiring quality assets in sub-markets with strong growth trajectories.”
The JLL Capital Markets team representing the seller was led by Managing Director Peter Yorck and Director Nick Lavin. JLL Capital Markets’ debt advisory team, representing borrowers, was led by managing directors Brandon Smith, Annie Rice and Jamie Leachman.
“This luxury property has had tremendous occupancy performance over the past 12 months and will soon begin to stabilize, demonstrating the strong tenant demand for this product and location,” said Yorck. “The sale of Jefferson Vista Canyon demonstrates continued strong investor interest in other Los Angeles County suburbs, such as Santa Clarita.”
Built in two phases from 2020-2021, Jefferson Vista Canyon features modern finishes and amenities unique to other communities in the area, including resort-style pools and a rooftop terrace. Indoor units include a mix of studio, one-, two-, and three-bedroom layouts.
Jefferson Vista Canyon complements HGI’s multi-family portfolio in Southern California and marks the company’s seventh multi-family investment in the region.