Legacy Partners has acquired a 348-unit apartment complex in Chatsworth, Calif. for $52 million. Foster City, Calif.-based Legacy Partners bought the units from the Sares Regis Group.

The Waterstone Apartment complex features garden style, studio and one- and two-bedroom apartments ranging from 503 to 1,027 sq. ft. in size. Legacy Partners, which has a strong history of rehabilitating rental projects, also plans to renovate the complex.

According to Legacy Partners, the planned refurbishments at Waterstone include interior updates to all apartments, exterior renovations to the buildings, clubhouse and exercise facility, and an extensive landscape redesign.