Westlake Village, Calif.—The Marcus & Millichap division known as Institutional Property Advisors (IPA), a specialist in serving institutional and major private real estate investors, is exclusively handling the marketing for the sale of the 253-unit IMT Westlake Village multifamily community in Westlake Village, Calif.
The property, which is for sale for an undisclosed price, is among the few substantially sized properties situated in a supply-constrained and prized location on the Ventura County-Los Angeles County border. In the last 36 years, only five communities with more than 50 units each have been built in Westlake Village and Thousand Oaks.
IMT Westlake Village was built in 1971 on approximately 14 acres at 603 Hampshire Road in Westlake Village. It is a 13-building, 261,670-net rentable-square-foot apartment community with a number of amenities.
They include two swimming pools with spas, an outdoor residential lounge, tennis court, clubhouse, basketball court, volleyball court, playground, fitness studio, barbecue grilling stations and a business center. Washer-dryers and Corian countertops are among the features of the apartments.
The community today is near shopping centers such as Westlake Plaza and Center, The Oaks, North Ranch Mall, The Lakes at Thousand Oaks and The Promenade. Additionally, it is close to major employers such as Amgen, Baxter, General Dynamics Corp., Ixia, Verizon, Anthem, Inc., J.D. Power & Associates, Teledyne Technologies, Inc., ValueClick, Volklswagen, Audi, Jafra Cosmetics, Kythera Biopharmaceuticals and Dole Food Co.
“The area’s lack of new supply, high cost of home ownership and strong demand for luxury living make IMT Westlake Village a strong candidate for value enhancement via strategic renovation,” said Kevin Green, an IPA senior director.
IPA executive director Greg Harris, Green and IPA senior director Joseph Grabiec comprise the team representing the seller, IMT Capital.