Spurred by a hot multifamily market, Decron Properties Corp. recently looked outside the core coastal communities and purchased more than 260 former condos in Valencia for nearly $57 million.
The Los Angeles-based real estate investment company said Monday it acquired 264 converted apartment units at The Madison at Town Center luxury complex. The price per unit was about 40 percent below what the average condominium sold for during the boom years, the firm said in a news release.
While the condo market continues to struggle, investors and developers have jumped headfirst into apartments. Real estate moguls say population growth, a tight lending environment for single-family homes and a desire to live near work in an age of high gas prices will return profit for years to come.
Investing in Santa Clarita real estate is all the rage right now and this is on a very large scale.
The condos originally sold for $91 million in 2005 which shows how much of a hit Santa Clarita real estate has taken in the last few years.
If large investment companies are starting to jump back in the pool here in Valencia then maybe things are turning around for Santa Clarita ad a whole.