IPA Lists Two-Property Portfolio in Thousand Oaks
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has listed for sale a two-property, 399-unit multifamily portfolio in Thousand Oaks, within Ventura County. The portfolio includes Los Robles Apartments, a 253-unit property built in 1972 and The Retreat at Thousand Oaks, a 146-unit apartment community constructed in 1966.
The properties are approximately one mile apart and are offered for sale as individual assets or as a portfolio.
“This is a rare opportunity to acquire a sizeable footprint in Ventura County’s best housing submarket with strong future growth potential,” said Kevin Green, El Segundo-based IPA executive managing director investments.
He continued, “The properties, representing 11% of the total market-rate housing stock in Thousand Oaks, offer investors 7% to 8% upside in rental income via loss-to-lease capture, and attractive assumable, non-recourse, interest-only agency financing with favorable leverage at approximately 3.85% fixed interest rates.”