$67 Million Thousand Oaks Multifamily Sale Closed by Marcus & Millichap’s IPA Division
October 04 2016 - 8:01PM
Business Wire
Marcus & Millichap (NYSE:MMI) today announced its
Institutional Property Advisors (IPA) division closed the sale of
IMT Thousand Oaks, a 191-unit multifamily community in Thousand
Oaks, California. The $67 million sales price equates to more than
$350,000 per unit.
“The acquisition provided the buyer with the opportunity to
enter a highly coveted market supported by the city’s strong
submarket fundamentals, lack of new multifamily supply and high
cost of ownership in meaningful scale,” said IPA executive director
Greg Harris.
Harris, and IPA senior directors Kevin Green and Joseph Grabiec,
represented the seller, IMT Capital LLC. The buyer is an affiliate
of Pacific Urban Residential.
“The property benefits from Thousand Oaks’ strong public school
ratings, low unemployment and low apartment vacancy,” added Green.
“Plus, the city’s business-friendly environment and proximity to
major employment centers along the 101 corridor will continue to
attract growth and foster economic prosperity.”
The asset is located at 491 West Gainsborough Road along U.S.
Highway 101 with proximity to companies such as Amgen, General
Dynamics Corp., Verizon, WellPoint, JD Power & Associates,
Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the
Dole Food Co.
Built in 1973, IMT Thousand Oaks is a garden-style community of
one-, two-, and three-bedroom floorplans with large private patios
or balconies. Community amenities include an on-site business
center, a pet park, and a swimming pool with cabanas.
About Marcus & Millichap (NYSE:MMI)
With over 1,600 investment sales and financing professionals
located throughout the United States and Canada, Marcus &
Millichap is a leading specialist in commercial real estate
investment sales, financing, research and advisory services.
Founded in 1971, the firm closed over 8,700 transactions in 2015
with a value of approximately $37.8 billion. The company has
perfected a powerful system for marketing properties that combines
investment specialization, local market expertise, the industry’s
most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To
learn more, please visit: www.MarcusMillichap.com
About Institutional Property Advisors
With a network of senior-level investment advisors located
throughout the United States, Institutional Property Advisors (IPA)
is qualified to meet the needs of institutional and major private
investors. IPA’s combination of real estate investment and capital
markets expertise, industry-leading technology, superior support
services and acclaimed research offer customized solutions for the
acquisition and disposition of institutional properties and
portfolios. www.IPAusa.com
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Marcus & MillichapGina Relva, 925-953-1716Public Relations
Manager
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