Gemdale USA Corporation Acquires Madison at Town Center Apartments in Valencia, CA
Los Angeles, CA (January 29, 2018)
Gemdale USA Corporation, an affiliate of Gemdale Corporation (600383.SH) which is one of China’s largest and leading real estate developers, announced its $46.3 million acquisition of a 130-unit apartment community located in Valencia, California. The property is Gemdale’s second value-add acquisition in the greater Los Angeles area. It is located at 24555 Town Center Drive in the Santa Clarita Valley, near the Westfield Valencia Town Center.
Madison of Town Center is the only urban-design style apartment community with a full amenity package and elevator service in the submarket. In terms of amenities, the community has a full-sized gym with TRX, weights and cardio machines as well as a large swimming pool area and a movie theater for residents. Planned future renovations would be focused on both exterior and interior improvements, including significant upgrades in new appliances, cabinets, flooring and countertops. Common areas would be enhanced with a new BBQ area, renovated clubhouse and lobby, as well as resurfaced hallways and corridors.
Jason Zhu, Chairman of Gemdale USA, commented, “We are pleased to execute our second value-add project in the LA area, and specifically, in this vibrant community of Valencia. Madison is conveniently located within a five-minute drive from four shopping destinations, including Westfield Valencia Town Center and Valencia Crossroads, which offer numerous restaurants, entertainment venues, major grocery stores, and fitness centers.” Jason Zhu also noted, “the community also contains highly-rated elementary and high schools as well as Fortune 500 Employers including Princess Cruises and Logix Federal Credit Union, creating a broad live-work-play environment in this distinctive neighborhood.”
Michael Krupa, President of Gemdale USA added, “Valencia is the most desirable setting in Santa Clarita, which is the third largest city in Los Angeles County with 182,000 residents and 47,000 daytime employees. It is ranked the third safest city in the United States and the schools are among the top 10% in California, including 35 elementary schools named California Distinguished Schools, with 8 being nationally-rated Blue Ribbon Schools. Moreover, the city also has a highly-educated and dynamic workforce where over 42% adults have a four-year college degree. Job centers are conveniently located within easy access, such as I-14 and I-5 to Downtown LA and Santa Clarita Transit-Commuter Express and Metrolink to area job hubs.”
About Gemdale USA Corporation
Gemdale USA Corporation (“Gemdale USA”) is a real estate investment and development company headquartered in Pasadena, California, with additional offices in New York City, San Francisco, Boston, Seattle, and Dallas. The company develops commercial, multifamily rental and for-sale residential projects, with multifamily rental and office either stand alone or mixed-use with retail. For-sale residential developments may include condominiums, single-family attached homes as well as detached housing. The company is the United States subsidiary of Gemdale Corporation, one of China’s largest and leading real estate developers, founded in 1988 and listed on the Shanghai Stock Exchange (600383.SH) in 2001. Gemdale enjoys one of the strongest brands in China. Gemdale Corporation has expanded rapidly in size and strength with over two decades of expansion and successful operations. In 2016, Gemdale built and sold over 74,000 residential condominium units in 35 major cities in China.