Institutional Property Advisors (IPA), a division of Marcus & Millichap, facilitated the sale of a multifamily portfolio in Thousand Oaks for $171.25 million. The portfolio consists of two properties: Los Robles Apartments, built in 1972 and comprising 253 units, and The Retreat at Thousand Oaks, dating back to 1966 with 146 units.
According to Kevin Green, IPA’s executive managing director investments,”These properties are strategically located just one mile apart in Ventura County’s top housing submarket.” He added that they make up approximately 11% of the market-rate housing inventory in Thousand Oaks. With highly-rated public schools and an unemployment rate as low as3.3%, this area boasts an average annual household income exceeding $160,000 and a well-educated workforce – all factors contributing to strong demand for multifamily housing.
Green worked alongside Joseph Grabiec and Gregory Harris from IPA to represent the seller Decron Properties while also securing FPA Multifamily as the buyer on behalf of their Core Plus Fund V which has acquired assets worth over $1.9 billion.
The article “Decron Divests Thousand Oaks Portfolio for $171M” was originally published by Connect CRE.
