Deal of Day: IMT Capital Acquires 253 Units in Westlake Village for $68.5M

Ventura County, Calif.–IMT Capital LLC recently purchased Townhomes of Westlake Village, a 253-unit townhouse and apartment property in Ventura County, Calif., from Wilshire Equities for $68.5 million in cash. IMT will invest an additional $3 million in upgrades for the property, which is located on more than 13 acres at 603 Hampshire Rd. in Westlake Village. The acquisition is the latest in a series of investments by IMT Capital in the Southern California multifamily market.“Townhomes of Westlake Village is an excellent example of our fundamental value-add strategy, says Cory Thabit, managing director of IMT Capital. “The asset presents us with the opportunity to increase value through physical renovation and more professional management. Townhomes is an irreplaceable asset in an A+ location. The long term growth prospects are outstanding and in the near term this acquisition gives IMT the foothold it has long desired in the Ventura County submarket.”Dean Zander, the partner in Hendricks & Partners’ Los Angeles office who brokered the deal, says that IMT offered the highest certainty of closing for the complex because of its ability to make the transaction without taking on new debt. “IMT’s $350 million private equity fund enables it to take advantage of today’s troubled credit markets by paying all cash and closing quickly, giving IMT an advantage over its competition.”