### Chaparral Apartments in Palmdale Sold for $71 Million
Northmarq’s Los Angeles Multifamily Investment Sales team, consisting of Steven Goldstein, Jeff Benson, and Sam Neumark, has brokered the sale of Chaparral Apartments in Palmdale for $71 million. Northmarq represented the seller, a Florida-based real estate investment firm, while the buyer is a Los Angeles-based real estate investment firm.
Chaparral Apartments, a 296-unit value-add community, is one of the largest multifamily assets in Palmdale and had not been on the market for more than 31 years. The property spans 18.21 acres and includes 16 two-story garden-style buildings, totaling 213,664 square feet. The unit mix comprises 72 studios, 164 one-bedroom units, and 60 two-bedroom units.
“This sale represents a rare opportunity for the buyer to acquire an asset that has been extremely well maintained by current ownership and management,” said Jeff Benson. “At the same time, it offers upside potential in rents by implementing a renovation program focused primarily on interiors, as 72% of the property remains in ‘classic’ condition.”
