A Santa Clarita apartment complex, Madison At Town Center, has been bought by a Chinese real estate developer.

The Madison at Town Center, a 130-unit multifamily development in Valencia, sold for $45.9 million, or more than $350,000 per unit, according to Calabasas brokerage Marcus & Millichap Inc.

The complex has changed hands several times since it was built in 2003.

The previously-named Prado was purchased to undergo condominium conversion to “The Madison” in a joint venture with the national homebuilder, Lennar, according to the former owner Regent Properties.

The buyer was Gemdale USA, a subsidiary of Gemdale Corp., a Chinese real estate developer. The seller was an affiliate of Decron Properties, according to officials

Senior Managing Director Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

When reached for comment, the current and former owners of the property were unavailable Friday afternoon.

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