YOLO East, a 45-unit multifamily property located in Thousand Oaks, has sold for $22.6 million, or $502,222 per unit.
Adrienne Barr, the managing director of investment sales at Berkadia’s Los Angeles office, completed the transaction on behalf of the seller, Santa Monica-based NUWI Capital Inc.
“Buyers were attracted to the quality design and new construction, in addition to the strong Thousand Oaks location and submarket fundamentals,” Barr said in a statement. “Thousand Oaks experienced rent growth of 9.8% year-over-year and the vacancy rate in the submarket is currently 2.8%.”
The property, located at 1801 Los Feliz Drive, sold for $511 per square foot.
YOLO East was built in 2019 and is situated in the heart of Thousand Oaks with views of the Santa Monica Mountains. The property offers condo-quality apartments with a variety of one- and two-bedroom floorplans, ranging in size from 748 to 1,219 square feet. Units are spacious and bright and feature high ceilings, great rooms, gourmet kitchens with quartz countertops, stainless steel appliances, in-unit washers and dryers and large balconies and/or patios.
The community also features a courtyard gathering area, a barbecue area with seating, a pool and large community room. Residents can walk to the Thousand Oaks Civic Arts Plaza and are near a wide variety of dining, shopping and entertainment options near Route 101.
Thousand Oaks will soon have more high-end developments. News of the sale of YOLO East comes after the Thousand Oaks City Council approved the nearly 12-acre Thousand Oaks Ranch development project.