Hanes Investment Realty Inc has purchased Lynn Villa Apartments, an 89-unit, garden-style multifamily property in Thousand Oaks, for $27.4 million ($307.9k/unit). The asset was sold by Woodland Hills-based Lynn Villas LLC.
Located at 693 McCloud Avenue the property is located directly across the street from The Oaks Mall. With the recent purchase of The Oaks Mall by Stockdale, the revitalization of the mall is anticipated to bolster the desirability of Lynn Villa Apartments.
Lynn Villa Apartments was built in 1970 and features 89 units on over three acres of land. Amenities include a pool, spa, leasing office, and multiple rooms to be reimagined as a clubroom and fitness center. The buyers intend to renovate the property to increase the market value and rental income potential.
Adrienne Barr and Nancy Badzey with Berkadia represented the seller in the transaction. George Spadier, Keith Rosso and Jeremy Kanter, also with Berkadia, arranged the financing through Aetna Life Insurance Company. The five-year loan features a competitive fixed interest rate, interest-only payments, and a 65% percent loan-to-value ratio. The deal closed on June 25.
“Investors were drawn to the low in-place rents and value add potential,” said Barr. “The property sold over the asking price at a 3.8% cap rate on the in-place rent roll with 16 offers. It was the first time the property was on the market in over 30 years.”
In 1992, Hanes Investment Realty, Inc. was established as a successor to The Hanes Company, Inc., by our founder in 1969. The Hanes companies have closed over 7,500 multi-product investment transactions with over $4.5 billion in sales volume.
Berkadia is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Powered by deep relationships and industry-changing technology, our people sell, finance, and service commercial real estate, providing support for the entire life cycle of our clients’ assets. Our unique ownership structure allows us to put our clients’ interests first and create a marketplace that delivers a superior experience.
