$88.25 Million Ventura County Multifamily Asset Sold by IPA
Aug 31, 2016

WESTLAKE VILLAGE, Calif., Aug. 30, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, has arranged the sale of IMT Westlake Village, a 253-unit multifamily community located in Westlake Village, California. The $88.25 million sales price equates to just under $319,000 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $55.4 million in financing for the purchase.

“Demand for high-quality multifamily housing in Westlake Village and the surrounding submarkets is strong, as demonstrated by steady rental rate increases over the last five years in each neighboring submarket,” says Greg Harris, IPA executive director. “In fact, premium rents in the area lead other Ventura County Harris, along with Kevin Green and Joseph Grabiec, IPA senior directors, represented the seller, IMT Capital LLC, and procured the buyer, a 1031-exchange investor. Danny Abergel, senior vice president capital markets in MMCC’s Encino office, arranged the financing.

“Sales and loans of this type are infrequent in the area, as the neighborhoods are made up of mostly single-family homes,” adds Abergel. “Marcus & Millichap’s integrated platform of brokerage and financing provided key advantages that made the process move smoothly and helped us close quickly.”

“Located in one of the most supply-constrained and coveted locations in Los Angeles County, the property is well-positioned for long-term future growth,” notes Green. “There is also a significant value-add opportunity to be gained through completing the apartment interior renovation plan and repositioning common areas with strategic upgrades.”

Built in 1971 on nearly 14 acres, the property is located on the border between Los Angeles County and Ventura County at 603 Hampshire Road in Westlake Village. The area’s major employers include Amgen, the Dole Food Co. Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon, and Volkswagen. Local shopping venues include Westlake Plaza and Center, The Oaks, North Ranch Mall, The Lakes at Thousand Oaks and The Promenade.

The 13-building, 261,670-net-rentable-square-foot IMT Westlake Village features two swimming pools with spas; tennis, basketball and volleyball courts; an outdoor residential lounge, and a business center. Floor plans include one-, two- and three-bedroom flats and three-bedroom townhomes.