Madison apartments for sale as condos
Originally built as part of the Valencia master plan, and designed as Santa Clarita’s truly first work, live, walk residential homes, The Madison apartments are now being readied for sale as condominiums – their original intended use.
A victim of poor timing in the midst of the real estate market collapse, the housing units have bounced back and forth between rental and ownership.
Decron Properties acquired the property in January of 2012, said a spokesperson with the company.
At the time of the purchase, only some 23 percent of the units – or 77 condos – had been sold between 2006 and 2008, leaving those homeowners in a complex of mostly renters.
Now the remaining 264 units are part of a ‘phased-sale” process. But it’s been a long time coming to complete the sale of all units in the complex.
Entitled as part of the Valencia master plan by Newhall Land, and built by The Hanover Company in 2003, the residential complex called The Prado at the time was sold to Lennar around the same time Lennar Homes acquired Newhall Land.
“It was part of our vision for Town Center Drive to make a true live-work environment,” said Marlee Lauffer, senior vice president of marketing and communications for Newhall Land.
During the financial crisis, the units switched back and forth between sale and rental until Decron bought the complex in 2012.
Now Decron is rebranding the condos as Villas at Town Center, and all will become part of The Madison’s homeowners association, said the spokesperson.
The units are being renovated with designer cabinetry, quartz countertops, vinyl wood flooring, and tiled bathrooms to enhance the quality of the interiors. Buyers will also find carpets in the bedrooms for a warmer, softer feel, he said.
The goal is to give the units the feel of a “real home,” updated to modern standards.
Existing tenants are all on leases but as units turn over, those units will be upgraded and listed for sale. Existing renters will also have the option of buying their own unit.
To help catapult sales, Decron has a lender to offer attractive financing.
Sitting at the corner of Magic Mountain Parkway and McBean Blvd., across the street from a shopping center with two restaurants, a grocery store, the Edwards movie theater and Westfield Valencia Town Center shopping mall, homeowners have the “convenience of walking everywhere,” said Zev Nagel, vice president of asset management for Decron Properties.
Sales are planned in two phases with 45 units being offered in Phase I and 89 units offered in Phase II.
At the moment, the units being readied for sale are one- and two-bedroom apartments ranging in size from 788 square feet up to 1,149 square feet. The condos are listed for sale between $238,000 and $324,000.
The three bedroom condos, ranging in size from 1,500 to 1,608 square feet will be listed for sale later.
“We always saw this project as built to condo spec or quality,” Nagel said. “When we purchased it, we sized it up as being the best area in Valencia. That’s what attracted us to the project.”
As for why the units are being sold now in 2014, Nagel said the timing is good.
“Home prices have appreciated over the last few years and interest rates are still at a record low,” he said. “Now is a good time to sell the condos and for buyers to be able to purchase the units.”