IPA Sells Ventura County Multifamily Asset for $67 Million
Oct 05, 2016

THOUSAND OAKS, Calif., Oct. 4, 2016 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California. The $67 million sales price equates to more than $350,000 per unit.

“The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” says IPA executive director Greg Harris.          

Harris, and IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, IMT Capital LLC. The buyer is an affiliate of Pacific Urban Residential.

“The property also benefits from Thousand Oaks’ strong public school ratings, low unemployment and low apartment vacancy,” adds Green. “Plus, the city’s business-friendly environment and proximity to major employment centers along the 101 corridor will continue to attract growth and foster economic prosperity.”

The property is located at 491 West Gainsborough Road along U.S. Highway 101 with proximity to companies such as Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co. Nearby shopping centers include Janss Marketplace, The Oaks, The Lakes at Thousand Oaks, and The Promenade.

Built in 1973, IMT Thousand Oaks is a garden-style community of one-, two-, and three-bedroom floorplans with in-home washers and dryers and large private patios or balconies. Community amenities include an on-site business center, a pet park, and a swimming pool with cabanas.