Marcus & Millichap Drives $88M LA County Sale
A 1031 exchange investor bought the 253-unit property in Westlake Village, Calif.
IMT Westlake Village
Westlake Village, Calif.—Marcus & Millichap‘s Institutional Property Advisors (IPA) division has closed the sale of IMT Westlake Village, a 253-unit community, for about $88.3 million (about $319,000 per unit). Marcus & Millichap Capital Corp. (MMCC) arranged $55.4 million in financing for the purchase.
IPA Executive Director Greg Harris, along with IPA senior directors Kevin Green and Joseph Grabiec represented the seller, IMT Capital LLC, and found the buyer, a 1031 exchange investor. IPA was named the exclusive listing agent for the property in April.
The buyer was identified as Jones & Jones Management Group in Woodland Hills, Calif., the San Fernando Valley Business Journal reported.
The successful sale was largely due to strong demand for high-quality housing and steady rental rate increases over the past five years in Westlake Village, Harris said.
“In fact, premium rents in the area lead other Ventura County submarkets and Los Angeles County as a whole,” he added.
IMT Capital acquired the property for $68.5 million in 2008.
The community, located at 603 Hampshire Road in Westlake Village, is on the border between Ventura County and Los Angeles County. Built in 1971, the 14-acre property offers: two swimming pools with spas; tennis, volleyball and basketball courts; outdoor residential lounge; and a business center. Major employers in the area include Dole Food Co., J.D. Power & Associates, Verizon, Volkswagen, among others. The community is also near shopping centers, including Westlake Plaza and Center, The Oaks, North Ranch Mall, The Lakes At Thousand Oaks and The Promenade.
Danny Abergel, MMCC’s senior vice president of capital markets who arranged the financing for the transaction, added that sales and loans of this type are uncommon in the area because the neighborhood consists of mostly single-family homes.
The area is also “one of the most supply-constrained and coveted locations in Los Angeles County,” Green added. Only five communities with more than 50 units have been built in Westlake Village and Thousand Oaks since 1980, he said.
He added the community presents a value-add opportunity as the buyer plans to complete an apartment interior renovation plan and upgrade common areas.
Image courtesy of Marcus & Millichap
