Decron Properties has sold a two-property multifamily portfolio in Simi Valley, Calif., for $190 million, or $376,984 per unit. Marcus & Millichap division Institutional Property Advisors (IPA) brokered the sale of The Villas at Wood Ranch and Overlook at Wood Ranch, comprising 504 units.
Built in 1986, the communities are situated less than one-half mile apart and are located at 241 Country Club Drive in Southeast Ventura County, adjacent the northwest perimeter of Southern California’s San Fernando Valley. The properties are located just north of the city of Thousand Oaks.
Occupancy stood at 97.6 percent at the time of sale.
The two-story buildings of frame construction feature 252 one-bedroom and 252 two-bedroom, two-bath units. Residences average 804 square feet in size. Among notable features and finishes are hardwood floors, vaulted ceilings, bay windows, in-unit washer-dryers and balconies. A trio of swimming pools is among the communities’ amenities.
Simi Valley offers 38 parks, three golf courses and two swimming pools. It is located near such outdoor attractions as Rocky Peak Park, Santa Susana Pass State Historic Park and Cheeseboro and Palo Canada Canyon.
Simi Valley also provides a variety of retail and restaurant offerings at such lifestyle centers as Sycamore Square and Simi Valley Town Center. Its selection of museums is headed by the Ronald Reagan Presidential Library and Museum.
Last month, Decron purchased Avery on the Green, a Chandler, Ariz., property for more than $100 million.