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VALLEY AND VENTURA COUNTY BUSINESS | REGIONAL ROUNDUP

Newhall Land Closes Escrow on Apartments

March 25, 1997

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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