Westlake Village Apartments Sold; Upgrades Planned

The IMT Westlake Village apartment complex has traded for more than $88 million, according to Calabasas commercial real estate firm Marcus & Millichap Inc. The 253-unit complex at 603 Hampshire Road sold for $88.3 million, or about $348,814 a unit, to a buyer identified by CoStar Group Inc. as Jones & Jones Management Group in Woodland Hills. The seller was IMT Capital, whose parent company, IMT Residential, is in Sherman Oaks. IMT bought the property in 2008 for $68.5 million, or $270,751 a unit, according to CoStar. The 13-building complex was built in 1971 and features two swimming pools with spas; tennis, basketball and volleyball courts; an outdoor lounge, and a business center. Units consist of one-, two- and three-bedroom flats and three-bedroom townhomes. Senior Vice President Danny Abergel with Marcus & Millichap’s lending arm, Marcus & Millichap Capital Corp., helped the buyer secure $55.4 million in financing. The brokerage’s institutional properties division, Institutional Property Advisors, along with Senior Directors Greg Harris, Kevin Green and Joseph Grabiec, negotiated the sale on behalf of IMT. The new owner plans upgrades for the property, Green said. “Located in one of the most supply-constrained and coveted locations in Los Angeles County, the property is well-positioned for long-term future growth,” Green said. “There is also a significant value-add opportunity to be gained through completing the apartment interior renovation plan and repositioning common areas with strategic upgrades.”