Newhall Land Closes Escrow on Apartments
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Newhall Land & Farming Co., a Valencia developer, said it has closed escrow on an $18.3-million apartment complex in a deal that is expected to boost first-quarter net income by $12.8 million.
The 208-unit StoneCreek apartment complex is nearly fully leased. The buyer is a investor group affiliated with Western National Property Management based in Los Angeles, which manages 38,000 units throughout the country.
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