Multifamily Portfolio Sells for $153M

Two Ventura County multifamily assets have traded hands for $153 million, totaling 409 units.

The properties are Oakview Apartment Homes, a 242-unit asset located in Westlake Village that was built in 1970, and The Biltmore at Thousand Oaks, a 167-unit apartment complex constructed in 1965. Together, they make up a significant portion of housing stock for the area.

Institutional Property Advisors, a division of Calabasas-based brokerage firm Marcus & Millichap, represented the seller, and facilitated the buyer, San Francisco-based real estate investment firm FPA Multifamily, in the sale.

“This marks the fourth deal in Ventura Country our team has closed with FPA Multifamily since December, totaling $325 million across all properties,” said Kevin Green, executive managing director of investments at IPA. “Our partnership with FPA Multifamily continues to yield success, highlighting the strong demand and active investor interest in the multifamily market.”

Green worked alongside IPA’s Joseph Grabiec and Gregory Harris in the transaction.

“Well maintained for over 50 years, the majority of the units at both properties are in classic condition with no upgrades or have received minor refurbishments over the last years,” Grabiec said. “Collectively, the portfolio represents nearly 10% of the market-rate apartment housing stock in Thousand Oaks and Westlake Village.”

Oakview Apartment Homes, located at 645 Hampshire Rd., is within a short drive to shopping at Westlake Plaza and North Ranch Shopping Center. The complex has a number of one-bedroom and two-bedroom units available. 

The Biltmore at Thousand Oaks, located at 555 Laurie Lane, is walking distance to Whole Foods Market, Janss Marketplace shopping mall and local boutiques along Moorpark Road. Floorplans range from one- to three-bedroom units. 

Both properties have upgraded clubhouses and leasing centers, as well as two resort-style pools, spas and outdoor lounge areas with barbecues and seating.