THOUSAND OAKS, Calif. – 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 Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit apartment property constructed in 1965 in Thousand Oaks.
“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.”
Oakview Apartment Homes is within a five-minute drive of shopping at Westlake Plaza and North Ranch Shopping Center, and employers such as Dole Packaged Foods, Anthem Blue Cross, UCLA Health, JD Power & Associates, and General Motors. The Biltmore at Thousand Oaks is within walking distance of Whole Foods Market, Janss Marketplace shopping mall and local boutiques along Moorpark Road. The Oaks shopping center, Conejo Valley Botanic Garden, and The Lakes at Thousand Oaks are within a short drive. Both properties have upgraded clubhouses and leasing centers, two resort-style pools, spas, and outdoor lounge areas with barbecues and seating.
About Institutional Property Advisors (IPA)
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. For more information, please visit www.institutionalpropertyadvisors.com.
