Escrow Opens on Acreage Marked for Apartments

A developer has opened escrow for $31.8 million on a 32.9-acre site zoned for up to 900 high-end apartments adjacent to Valencia Town Center, the Newhall Land & Farming Co. said.

It was the company’s first land sale for apartments and financially ranks as one of the largest transactions for residential use in the company’s history, said Marlee Lauffer, a Newhall Land spokeswoman.

“This is absolutely a strong indication of the market,” Lauffer said Wednesday.

The name of the developer was not released. Escrow is anticipated to close in the second quarter.

Even though up to 900 units could be built on the site, “that doesn’t mean that all of them will be built at once,” Lauffer said.

She said construction could start shortly after escrow closes.

Lauffer said she anticipates that rents at the complex will be comparable to the Montecito, a project that Newhall Land is developing near the Valencia Country Club. Rents at the Montecito range from $1,000 for a one-bedroom unit to $1,600 for two bedrooms, she said.