Valencia, Calif.–BRE Properties Inc. has acquired The Vistas of West Hills, a 220-unit property in Valencia, Calif. for approximately $56.5 million. The initial year-one stabilized capitalization rate on the investment is 5.1 percent.
“The Vistas of West Hills, built on the last entitled apartment parcel in the Valencia master plan, is an important acquisition for BRE because it meets our strategy of concentrating capital to optimize operating efficiencies,” says Stephen C. Dominiak, BRE’s executive vice president, chief investment officer. “The combination of supply constraints, potential savings in operating costs, a diverse economy, and easy access to local employment, shopping, entertainment and major freeways make this property a valuable addition to our southern California portfolio.”
Built in 2009, The Vistas are comprised of 10 three-story, wood-framed buildings with tuck-under parking. The 9-acre property features one-, two- and three-bedroom units. Amenities include a fitness center, pool and spa, bike and walking trails, barbecue areas, and an outdoor fireplace.