Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the $171.25 million sale of a two-property, 399-unit multifamily portfolio in Thousand Oaks, California.
The portfolio features Los Robles Apartments, a 253-unit asset built in 1972 that covers 32 buildings with a mix of studio, one- and two-bedroom units; it is the second-largest multifamily asset in Thousand Oaks. Also included is The Retreat at Thousand Oaks, a 28-building asset spanning 146 one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats.
“Located one mile apart in Ventura County’s best housing submarket, the properties represent 11% of the total market-rate housing stock in Thousand Oaks,” said Kevin Green, IPA executive managing director investments. “Thousand Oaks has some of the best public schools in Southern California, a 3.3% unemployment rate, average annual household income over $160,000, and a well-educated workforce, all of which translates to strong demand for multifamily housing.”
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Decron Properties, and procured the buyer, FPA Multifamily, who acquired the assets on behalf of their Core Plus Fund V, which has acquired $1.9 billion of assets.
“In the last 30 years, only 476 units and only two projects with more than 50 units have been delivered in Thousand Oaks,” said Grabiec. “Los Robles Apartments and The Retreat at Thousand Oaks received $19 million in capital improvements over the last eight years to make them the premier luxury multifamily communities in the submarket.”
