SIMI VALLEY, Calif. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property, 504-unit multifamily portfolio in Simi Valley, California. The assets are The Villas at Woodranch, a 372-unit property and 132-unit Overlook at Woodranch. Both communities were constructed in 1986. The total sales price is $190 million, or $376,984 per unit.
“Situated in one of Simi Valley’s most affluent neighborhoods, The Villas at Wood Ranch and The Overlook at Wood Ranch are located less than half a mile apart and offer residents the unique opportunity to reside in this sought-after neighborhood at a fraction of the cost to home ownership,” said Kevin Green, IPA executive director. “We were able to secure a quality buyer who took full advantage of this opportune time to purchase properties with high growth potential, unobscured views of the Simi Valley hills, and significant upgrades compared to nearby properties.” Green and IPA’s Greg Harris and Joseph Grabiec represented the seller, Decron Properties, and procured the buyer, a private multifamily investment firm.
The properties are located in southeastern Ventura County, just north of Thousand Oaks. Community amenities include two pools, tennis courts, fitness center and barbecue areas. Apartments have hardwood floors, vaulted ceilings, bay windows and balconies.
