Thousand Oaks Apartment Complex Sold for $67 Million

Sherman Oaks real estate company IMT Capital has sold its apartment complex in Thousand Oaks. Called IMT Thousand Oaks, the property sold for $67 million, or $351,000 per unit, to Pacific Urban Residential, an apartment investor in Irvine, according to Calabasas real estate brokerage Marcus & Millichap Inc. That price was a 30 percent increase over what IMT paid for the property in 2012, about $51.4 million. The 191-unit, two-story complex built in 1973 sits on nearly 9 acres at 491 W. Gainsborough Road and has a mix of one-, two-, and three-bedroom apartments. Features include in-unit laundry appliances and patios or balconies, while common areas include a business center, pool and pet park. The transaction is IMT’s second divestiture in recent months. In August, IMT sold its 253-unit Westlake Village complex, now called Meadows at Westlake Village, for $88.3 million to Jones & Jones Management Group in Woodland Hills. That deal was also arranged by the Marcus & Millichap team. Greg Harris, executive director of Institutional Property Advisors, the institutional and large individual investor arm of Marcus & Millichap, along with Senior Directors Kevin Green and Joseph Grabiec, brokered the deal on behalf of IMT.