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California  + Los Angeles  + Apartments  | 

Thousand Oaks Multifamily Sells Above Asking Price at 3.8% Cap Rate

Berkadia arranged the sale and financing of Lynn Villa Apartments, an 89-unit, garden-style multifamily property in Thousand Oaks. Senior managing director Adrienne Barr and director of transaction services Nancy Badzey of Berkadia Los Angeles led the $27.4-million sale on behalf of the seller, Woodland Hills-based Lynn Villas, LLC.

Managing directors George Spadier and Keith Rosso and associate director Jeremy Kanter of Berkadia Los Angeles secured $17.5 million in acquisition financing through Aetna Life Insurance Company on behalf of the buyer, Hanes Investment Realty Inc. The five-year loan featured a competitive fixed interest rate, interest-only payments and a 65% loan-to-value ratio.

“Investors were drawn to the low in-place rents and value-add potential,” said Barr. “The property sold over the asking price at a 3.8% cap rate on the in-place rent roll with 16 offers. It was the first time the property was on the market in over 30 years.”

Located at 693 McCloud Ave., the property is across the street from The Oaks Mall, which was recently purchased by Stockdale.

Read More News Stories About: Berkadia
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Financing
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