Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced the $171.25 million sale of a two-property, 399-unit multifamily portfolio in Thousand Oaks, California within Ventura County. The properties are Los Robles Apartments, a 253-unit asset built in 1972 and The Retreat at Thousand Oaks, a 146-unit apartment property constructed in 1966.
“Located one mile apart in Ventura County’s best housing submarket, the properties represent 11% of the total market-rate housing stock in Thousand Oaks,” said Kevin Green, IPA executive managing director investments. “Thousand Oaks has some of the best public schools in Southern California, a 3.3% unemployment rate, average annual household income over $160,000, and a well-educated workforce, all of which translates to strong demand for multifamily housing.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Decron Properties, and procured the buyer, FPA Multifamily, who acquired the assets on behalf of their Core Plus Fund V, which has acquired $1.9 billion of assets. “In the last 30 years, only 476 units and only two projects with more than 50 units have been delivered in Thousand Oaks,” said Grabiec. “Los Robles Apartments and The Retreat at Thousand Oaks received $19 million in capital improvements over the last eight years to make them the premier luxury multifamily communities in the submarket.”
“Apartment investors continue to be drawn to investment opportunities that IPA presents in Southern California and other West Coast locations by vacancy rates that are well below the national norm, record cost premiums to buy a home versus rent housing, and construction volumes lower than most other locations,” said John S. Sebree, senior vice president and national director of Multi Housing Division for Marcus & Millichap and IPA.
