Simi Apartment Complexes Sell for $141 Million

The Villas & Overlook at Woodranch, two apartment complexes totaling 504 units in Simi Valley, have sold for more than $141 million, according to CoStar Group Inc. The 504 apartments at 241 and 849 Country Club Drive sold to Decron Properties Corp. in Los Angeles for about $280,000 a unit. The seller was Sequoia Equities Inc. in Walnut Grove. Built in 1986, the one- and two-bedroom unit complexes sit on 23 acres. To compare, in August 2016, the Meadows at Westlake Village at 603 Hampshire Road sold for $88.3 million, or nearly $349,000 per unit. The 253-unit apartment complex was built in 1971. According to CoStar, Kevin Green, Gregory Harris, Stanford Jones, Philip Saglimbeni and Sal Saglimbeni of Marcus & Millichap Inc. brokered the Simi Valley deal on behalf of Sequoia, according to CoStar.