California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Intercontinental JV Snags Agoura Hills MultiFam for $87M
Intercontinental Real Estate Corporation in joint venture with MG Properties has acquired The Lexington Apartments, a 178-unit multifamily community in Agoura Hills, CA. Northmarq represented the seller in the $87 million transaction, a Calabasas, CA-based real estate development and investment firm.
“More than 80% of the housing stock in Agoura Hills is single family,” said Jessica Levin, Intercontinental’s Senior Director, Acquistions. “With median home prices of nearly $1.2 million, and a limited multifamily inventory, Agoura Hills can arguably be considered one of the strongest and most stable suburban multifamily markets in the region.”
Built in 1986, The Lexington offers a mix of one- and two-bedroom units housed in 11 two-story residential buildings. 100% of the unit interiors have been renovated over the past five years. Located on 15 acres at 30856 Agoura Road, the community is in the heart of the Conejo Valley, featuring strong schools and a growing economy.
- ◦Sale/Acquisition
