Properties | Stillmore Apartments

Stillmore Apartments

A 130-Unit Value-Add Opportunity

19306-19436 Stillmore St | Santa Clarita, CA

Sales Price: N/A

Units: 130

Price per Unit: N/A

Price per Sq. Ft.: N/A

Current CAP: N/A

Current GRM: N/A

Market CAP: N/A

Market GRM: N/A

Year Built: 1977

Lot Size Sq. Ft.: 188,179

Gross Bldg. Sq. Ft.: 90,387

Net Rentable Sq. Ft.: 89,901

Close of Escrow: 3/9/2018

THG Advisors, as the exclusive listing agent, is pleased to present the opportunity to acquire Stillmore Apartments, a 130-unit, value-add multifamily community located in the neighborhood of Canyon Country in the city of Santa Clarita, California.

Built in 1977, Stillmore Apartments is comprised of ten residential buildings nestled on approximately 4.32 acres. The asset offers four desirable floor plans, including studios, 1 bed/1 bath, 2 bed/1.5 bath, and 2 bed/2 bath layouts averaging 692 square feet. The offering presents an opportunity to acquire a sizeable asset located in the neighborhood of Canyon Country in the sought-after Santa Clarita submarket that provides an opportunity to increase revenue (projected 23%) through a comprehensive renovation strategy.

The apartment homes feature original finishes including carpet flooring, white appliances, and white cabinetry with stained wood trim. The Property also features an amenity package that includes two swimming pools, assigned covered parking, and four laundry facilities.

Located in the neighborhood of Canyon Country, which is a district within the city of Santa Clarita, Stillmore Apartments benefits from impressive submarket fundamentals. The City boasts strong population growth (18.8% increase since 2000), low unemployment (4.9% in August 2017), low vacancy (3.4% in Q3 2017), and a median household income of $84,063 which is higher than almost all cities and counties in Southern California.

Given the strong submarket fundamentals, investors have the ability to complete a comprehensive renovation in a market where there is a major affordability gap to home ownership and a scarcity of new luxury apartment supply.

  • A sizeable (130-unit) multifamily housing community located in the neighborhood of Canyon County
  • Family owned & operated and has not sold in over 25 years
  • Presents a strong value-add opportunity with 23% projected upside
  • Conveniently located near the 14 & 5 freeways offering easy commutes to major employment hubs
  • Limited development pipeline — only 625 units currently in development/planning in Santa Clarita Valley
  • Opportunity to implement a strategic renovation program 
  • Unit Interiors can be renovated to higher-end specifications including hardwood like plank flooring, recessed lighting, and updated cabinetry
  • Exterior renovations to the common areas can include signage, landscaping, pool upgrades, and modern paint scheme
  • Adjacent to an abundance of nearby retail and restaurants, including Canyon Center (0.1 Miles), Canyon Country Plaza (0.25 miles away),  Canyon Country Village (0.25 miles away), and El Segundo Shopping Center (0.8 miles away)
  • Stillmore Apartments is located within a short drive to multiple golf courses, Six Flags Magic Mountain and Golden Valley Ranch which features more than 900 acres of hiking and biking trails
  • With ample green space, safe streets and a distinguished school system, the Santa Clarita Valley is an ideal option for families seeking live, work and play in the same community
  • Median household income in Santa Clarita Valley is $95,064 per year, which exceeds most major cities and counties in California
  • Santa Clarita Valley population has increased by 41% over the last 15 years, while statewide growth has only been14%
  • Wage growth well outpaces LA County, with average salaries rising by 5% in each of the last two years in Santa Clarita
  • Over the last 3 years nearly 14,000 jobs have been created in the Santa Clarity Valley and the unemployment rate has fallen to 4.3% (4.9% in the City of Santa Clarita)
  • Home to 36 million square feet of existing commercial and industrial space with an additional 2 million square feet in planning or development.
  • Highly educated labor force — 54% of residents have at least a 4-year degree