Sierra Canyon

Location: Santa Clarita, California
Acquired: May 2019

In an off-market transaction, Sierra Canyon is well-located in Santa Clarita, an area which is experiencing the largest rent growth in the greater Los Angeles metropolitan area. The expansive property, built in 1987, is poised for enhanced value through a strategic capital improvement program.  Compass will invest approximately $5 million in renovations of which $2.4 million is allocated to the exterior including building painting, signage, landscaping, clubhouse updates and the installation of outdoor gathering and recreation areas. Interiors will be renovated with new appliances, contemporary fixtures and flooring, new counters and cabinets. The company’s extensive pre-acquisition evaluation anticipates a five-year hold with projected NOI growth of 76%.