Institutional Property Advisors Brokers $171 Million Ventura County Multifamily Portfolio Sale
December 15 2023 - 1:12PM
Business Wire
Institutional Property Advisors (IPA), a division of Marcus
& Millichap (NYSE:MMI), announced today the $171.25 million
sale of a two-property, 399-unit multifamily portfolio in Thousand
Oaks, California. The properties are Los Robles Apartments, a
253-unit asset built in 1972 and The Retreat at Thousand Oaks, a
146-unit apartment property constructed in 1966.
“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.”
Los Robles Apartments is the second-largest multifamily asset in
Thousand Oaks. The 32-building property has a unit mix of studio,
one-, and two-bedroom apartments averaging 882 square feet. Units
have ductless heating and cooling systems, washers and dryers, and
new plank flooring. Community amenities include a new leasing
office, resort-style pool, fitness center, and outdoor lounge
areas. The Retreat at Thousand Oaks is a 28-building asset with a
low-density neighborhood setting in walking distance of Janss
Marketplace, an outdoor shopping mall. The property has a mix of
one- and two-bedroom apartments, three-bedroom townhomes, and
four-bedroom flats. The average unit size is 1,260 square feet.
“Apartment investors continue to be drawn to investment
opportunities that IPA presents in Southern California and other
West Coast locations by vacancy rates that are well below the
national norm, record cost premiums to buy a home versus rent
housing, and construction volumes lower than most other locations,”
said John S. Sebree, senior vice president and national director of
Multi Housing Division for Marcus & Millichap and IPA.
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
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2022, the company had 1,904
investment sales and financing professionals in 81 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 12,272 transactions in 2022, with a sales volume
of approximately $86.3 billion. For additional information, please
visit www.MarcusMillichap.com.
About FPA Multifamily, LLC
FPA Multifamily, LLC is a real estate operating company focused
on the acquisition, renovation and management of both core plus and
work force housing apartment communities. Founded in 1985, FPA has
owned over 148,000 apartment units valued at over $23 billion. FPA
is currently investing through its value-add focused FPA Apartment
Opportunity Fund VIII which will acquire approximately $4.6 billion
of assets and its core-plus focused FPA Core Plus Fund VI which
will acquire approximately $2 billion of assets. Headquartered in
San Francisco, FPA also has offices in Atlanta, Chicago, Houston,
Irvine and Washington DC. For more information, please visit
www.fpamf.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231215788761/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com
Marcus and Millichap (NYSE:MMI)
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