Newhall Land & Farming Sells 4 Complexes

Newhall Land & Farming Co. sold four apartment complexes for $129 million in cash and assumed debt, as the partnership looks to boost the price of its units and reduce debt.

The sale by Valencia-based Newhall, whose Newhall Ranch development north of Los Angeles is twice the size of Manhattan, will contribute about $74 million to fourth-quarter net income, it said Friday.

Newhall identified the buyer as a real estate investment trust. It didn’t elaborate. The properties contain a total of 924 apartments.

Its units down 23% this year, Newhall has been selling commercial properties to raise cash to buy them back and pay down debt. This month, Newhall sold four office buildings for $72.3 million to Thomas Properties Group.

Separately, Newhall said it sold some residential lots, 93 acres of commercial and industrial land and two shopping centers.

The sales will contribute $287 million to revenue and $102 million to the company’s income this year, Newhall said. Newhall also expects to close the sale of 16 acres of land for $11 million this week.