Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the $153 million sale of a two-property, 409-unit multifamily portfolio in Ventura County, California. The properties are 242-unit Oakview Apartment Homes and 167-unit The Biltmore at Thousand Oaks.
Both properties have upgraded clubhouses and leasing centers, two resort-style pools, spas, and outdoor lounge areas with barbecues and seating. The Biltmore was constructed in 1965 and is located at 555 Laurie Lane in Thousand Oaks. Oakview Apartments was built in 1970 and is located at 645 Hampshire Road in Westlake Village,
“This marks the fourth deal in Ventura County our team has closed with FPA Multifamily since December, totaling $324.5 million across all properties,” said Kevin Green, IPA executive managing director investments. “Our partnership with FPA Multifamily continues to yield success, highlighting the strong demand and active investor interest in the multifamily market.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, a private multifamily investor, and facilitated the buyer, FPA Multifamily.
“Well maintained for over 50 years, the majority of the units at both properties are in classic condition with no upgrades or have received minor refurbishments over the years,” said Grabiec. “Collectively, the portfolio represents nearly 10% of the market-rate apartment housing stock in Thousand Oaks and Westlake Village.”
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
