FPA Multifamily closed on the purchase of The Hills, a 52-unit multifamily in Thousand Oaks. The property, located at 850 Warwick Ave, was sold by Interstate Equities Corporation in an $18.2 mil ($350k/unit).
The property was built in 1973, with large apartments that average nearly 1k sf. With 37 of the 52 apartments remaining unrenovated, The Hills offers significant upside potential. Furthermore, the 2.4-acre, low-density setting may allow for additional Accessory Dwelling Units.
The Hills features a robust set of community amenities, catering to Thousand Oaks’ affluent, family-oriented renter demographic. The property also benefits from the city’s challenging land-use restrictions, which have limited new multifamily development to just two properties in the last 15 years. This scarcity creates a compelling opportunity for the renovation of existing assets like The Hills to meet evolving tenant preferences and sustain long-term value.
Thousand Oaks is renowned for its quality of life, highly rated public schools, a low unemployment rate of 3.8%, an average household income of $160,355 and an average home value nearing $1.4 million. In addition, Thousand Oaks is one of the fastest-growing biotech hub in the nation, anchored by Fortune 500 company Amgen.
Dean Zander, Chris Benton, Anthony Muhlstein and Gabe Munson with Newmark represented the seller, in the deal.
