IPA Brokers Record-Setting Multifamily Sale in Ventura
February 20, 2018
VENTURA, Calif., Feb. 20, 2018 - Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announces the sale of Via Ventura, a 192-unit apartment complex in Ventura, California. The property sold for $74 million, which equates to $385,417 per unit, the highest price per unit for a multifamily asset in the city of Ventura.
"One of the premier assets in Ventura County, this apartment community presents new ownership with a compelling value enhancement opportunity through select upgrades to the property's original interior finishes," says Kevin Green, senior director.
"Via Ventura is situated within one of the most prestigious neighborhoods in the city of Ventura, where the median price of a single-family home is $632,000," adds Greg Harris, executive managing director.
Green, Greg Harris, Ron Harris, executive managing director, and Joseph Grabiec, senior director, represented the seller, an institutional investor, and procured the buyer, NNC Apartment Ventures Inc.
"The property's highly favorable demand drivers include its location at the convergence of the 101, 126, and 33 freeways, and it is less than two miles from a Metrolink rail station," notes Ron Harris.
Built in 2002, Via Ventura consists of 14 two-story apartment buildings on more than nine acres near the 101 Tech Corridor, the Wellness District and other major employment hubs. The community is situated on a quiet residential street across from a five-acre park and is within walking distance of more than 800,000 square feet of retail at the Ventura Gateway, Ventura Village, Montalvo Square, and Victoria Village shopping centers. The Ventura County Government Center, one of the region's largest employers, is also within walking distance and hiking trails, Downtown Ventura, beaches and Ventura Harbor are nearby.