FPA Multifamily Acquires Two California Communities

Institutional Property Advisors arranged the sale.

The exterior of an apartment property in California

The properties are located near Los Angeles. Image courtesy of Institutional Property Advisors

FPA Multifamily has continued to grow its multifamily presence in southern California with the acquisition of two communities, Oakview Apartments Homes in Westlake Village, Calif., and The Biltmore at Thousand in Thousand Oaks, Calif. The firm acquired the properties for $153 million. The identity of the seller could not immediately be learned. Institutional Property Advisors’ Kevin Green, Joseph Grabiec and Gregory Harris represented the seller.

Built in 1970, Oakview Apartment Homes offers 242 units in one-, two- and three-bedroom units ranging from 771 to 1,308 square feet. Located in Westlake Village, the community is within a five-minute drive to the area’s shopping centers and local employers, including Dole Packaged Foods, UCLA Health, General Motors and others.

Slightly further north, The Biltmore at Thousand Oaks was built in 1965 and offers 167 units in one-, two- and three-bedroom units that range between 800 and 1,500 square feet. Residents are within walking distance to a Whole Foods Market and the Janss Marketplace shopping center. With nearby access to US-101, both communities are less than an hour away from Los Angeles.

According to IPA, both communities have upgraded clubhouses, leasing centers, two pools, spas, and outdoor lounge areas with barbecue and seating areas.

Teaming up again

This latest acquisition represents the fourth time since December that IPA has worked with FPA. Earlier in the year, IPA arranged the sale of the 300-unit Atrium on James in Kent, Wash., which FPA Multifamily acquired for $60.5 million. A month prior in December, FPA Multifamily acquired two communities in Thousand Oaks for $171.3 million, with IPA arranging the sale.

FPA Multifamily owns more than 152,500 units across the U.S. The firm is currently investing on behalf of its Opportunity Fund VIII, which is aiming to acquire $4.8 billion of communities in major U.S. cities. At the same time, FPA Multifamily is also investing in its Core Plus Fund VI, which will acquire $1 billion of multifamily assets in select U.S. markets.

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