Two multifamily complexes – Los Robles Flats, a 253-unit asset inbuilt 1972, and The Retreat at Thousand Oaks, a 146-unit property constructed in 1966 – lately traded palms in Thousand Oaks for a mixed $171 million.
Institutional Property Advisors, a division of Calabasas-based Marcus & Millichap, brokered the Ventura Nation multifamily portfolio sale. Brokers Kevin Inexperienced, Joseph Grabiec and Gregory Harris represented the vendor, Decron Properties, and procured the client, FPA Multifamily, which acquired the 2 properties on behalf of an organization fund.
“Within the final 30 years, solely 476 models and solely two initiatives with greater than 50 models have been delivered in Thousand Oaks,” Grabiec mentioned. “Los Robles Flats and The Retreat at Thousand Oaks acquired $19 million in capital enhancements over the past eight years to make them premier luxurious multifamily communities.”
The 2 properties, situated 1 mile other than each other, characterize 11% of the full market-rate housing inventory in Thousand Oaks.
“Thousand Oaks has a number of the finest public colleges in Southern California, a 3.3% unemployment charge, common annual family earnings of over $160,000 and a well-educated workforce, all of which interprets to sturdy demand for multifamily housing,” Inexperienced mentioned.
Los Robles Flats is the second-largest multifamily asset in Thousand Oaks. The 32-building property has a mixture of studio, one- and two-bedroom models which common 882 sq. toes in dimension.
The Retreat at Thousand Oaks is a 28-building asset inside a low-density neighborhood setting. The advanced has a mixture of one- and two-bedroom residences, plus three-bedroom townhomes and four-bedroom flats. The typical unit dimension is 1,260 sq. toes.
“Residence buyers proceed to be drawn to funding alternatives that IPA presents in Southern California and different West Coast areas by emptiness charges which might be properly under the nationwide norm, document price premiums to purchase a house versus hire housing, and building volumed decrease than most different areas,” mentioned John Sebree, a senior vice chairman and nationwide director of the multifamily housing division for Marcus & Millichap.
Originally posted 2024-01-01 08:01:58.