Two multifamily complexes – Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property constructed in 1966 – recently traded hands in Thousand Oaks for a combined $171 million.
Institutional Property Advisors, a division of Calabasas-based Marcus & Millichap, brokered the Ventura Country multifamily portfolio sale. Agents Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, Decron Properties, and procured the buyer, FPA Multifamily, which acquired the two properties on behalf of a company fund.
“In the last 30 years, only 476 units and only two projects with more than 50 units have been delivered in Thousand Oaks,” Grabiec said. “Los Robles Apartments and The Retreat at Thousand Oaks received $19 million in capital improvements over the last eight years to make them premier luxury multifamily communities.”
The two properties, located 1 mile apart from one another, represent 11% of the total market-rate housing stock in Thousand Oaks.
“Thousand Oaks has some of the best public schools in Southern California, a 3.3% unemployment rate, average annual household income of over $160,000 and a well-educated workforce, all of which translates to strong demand for multifamily housing,” Green said.
Los Robles Apartments is the second-largest multifamily asset in Thousand Oaks. The 32-building property has a mix of studio, one- and two-bedroom units which average 882 square feet in size.
The Retreat at Thousand Oaks is a 28-building asset within a low-density neighborhood setting. The complex has a mix of one- and two-bedroom apartments, plus three-bedroom townhomes and four-bedroom flats. The average unit size is 1,260 square feet.
“Apartment investors continue to be drawn to investment opportunities that IPA presents in Southern California and other West Coast locations by vacancy rates that are well below the national norm, record cost premiums to buy a home versus rent housing, and construction volumed lower than most other locations,” said John Sebree, a senior vice president and national director of the multifamily housing division for Marcus & Millichap.