Capistrano, an apartment complex in Camarillo, has changed hands for more than $10 million.
Montgomery Partners, based in Mill Valley, bought the 44-unit complex at 180 W. Ripley St. for $10.5 million, or $239,204 a unit, according to Calabasas commercial real estate brokerage Marcus & Millichap Inc. The seller was Redfern Family Trust.
The complex is a mix of one- and two-bedroom units and was built in 1971, according to CoStar Group Inc.
Montgomery invests in value-add apartments typically in urban in-fill California locations that are not usually listed on the market. It buys for itself as well as individuals, families, trusts and partnership funds.
“The property is a value-add investment opportunity that can achieve a substantial income increase via a comprehensive renovation plan,” said Greg Harris, an executive vice president with Marcus & Millichap, in a statement. Harris and Senior Directors Kevin Green and Joseph Grabiec represented the buyer and brought in the seller.
Green noted the complex is within an area with a lot of new, recent residential and commercial construction and pending development. Grabiec said average annual household income in Camarillo is $111,020, while total household income growth in the city is projected to grow by 14.3 percent.