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Decron Divests Thousand Oaks Portfolio for $171M
Institutional Property Advisors (IPA), a division of Marcus & Millichap, arranged the $171.25-million sale of a two-property, 399-unit multifamily portfolio in Thousand Oaks. The portfolio includes Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit apartment property dating from 1966.
“Located one mile apart in Ventura County’s best housing submarket, the properties represent 11% of the total market-rate housing stock in Thousand Oaks,” said Kevin Green, IPA executive managing director investments. “Thousand Oaks has some of the best public schools in Southern California, a 3.3% unemployment rate, average annual household income over $160,000 and a well-educated workforce, all of which translates to strong demand for multifamily housing.”
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, Decron Properties, and procured the buyer, FPA Multifamily, which acquired the assets on behalf of their Core Plus Fund V, which has acquired $1.9 billion of assets.
- ◦Sale/Acquisition
