Harbor Group International, LLC and Azure Partners, LLC earlier this month announced their joint venture to acquire Jefferson Vista Canyon, a 480-unit Class A apartment community in Santa Clarita.
HGI and Azure acquired ownership of 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 planned 185-acre mixed-use development, designed to provide residents with convenient, walkable access to employment, recreation and entertainment options. Upon completion, the development will include 650,000 square feet of office space and 165,000 square feet of retail space, and will feature 11 acres of parkland 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 connecting the development to Soledad Canyon rd., providing a critical access point to complement the expected increase in resident and visitor density at the micro-location.
The community is centrally located and connects residents to major employment and lifestyle nodes in the Santa Clarita Valley, neighboring San Fernando Valley, and throughout Greater Los Angeles via Route 14 and I-5 .
The property offers an integrated commuter rail and Metrolink bus transfer station, which will provide residents with additional modes of access to major employment and entertainment centers in Greater Los Angeles. The Santa Clarita area is close to an array of employers in aerospace and defense, medical devices and biotechnology, advanced manufacturing, digital media, entertainment and technology. information.
“The Jefferson Vista Canyon community offers the accessibility, convenience and connectivity that today’s residents are looking for,” said Richard Litton, president of HGI. “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 presence in Southern California.
Bryant Ferber, Managing Director and Head of Acquisitions, Azure, added, “We are thrilled to announce our first acquisition in California and expect this transaction to serve as a springboard to more opportunities in the Western United States. United States as we seek to expand our presence in the region. Jefferson Vista Canyon aligns well with our core investment strategy to acquire best-in-class assets in high-growth submarkets.
The JLL Capital Markets team representing the seller was led by Managing Director Peter Yorck and Director Nick Lavin. The JLL Capital Markets Debt Advisory team representing borrowers was led by Managing Directors Brandon Smith, Annie Rice and Jamie Leachman.
“This luxury asset has been leased for the past twelve months and will soon reach stabilization, demonstrating strong tenant demand for this product and location,” Yorck said. “The sale of Jefferson Vista Canyon signals that investors continue to be interested 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 and desirable amenities unique to other communities in the area, including resort-style pools and a rooftop terrace. Interior units include a mix of studio, one-, two-, and three-bedroom layouts.
Jefferson Vista Canyon joins HGI’s multifamily portfolio in Southern California and marks the company’s seventh multifamily investment in the region.