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IPA Closes $95M Sale of Simi Valley Apartments
Institutional Property Advisors (IPA), a division of Marcus & Millichap, closed the sale of The Landing at Arroyo, a 212-unit multifamily property in Simi Valley. The asset traded for $95 million, or $448,113 per unit.
“This quintessential, low-density suburban core multifamily asset is poised for substantial growth in a severely underserved market with a flat development pipeline,” said Kevin Green, IPA executive managing director investments. “In the past 25 years, just four other multifamily properties of 50 units or more have been delivered in Simi Valley and only one market-rate property totaling 280 units is expected to be delivered in the city over the next five years.”
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, USA Properties Fund, and procured the buyer, a private multifamily investor.
Built in 2022 on 10 acres, The Landing at Arroyo property has seven buildings, a swimming pool and spa, game room, fitness center, co-working space and central package lockers for deliveries.
- ◦Sale/Acquisition
