FPA Pays $34M for Los Angeles-Area Community

The 108-unit property was 95.4 percent occupied as of October, per Yardi Matrix data.
Stonepine Apartments
Stonepine Apartments

FPA Multifamily has acquired Stonepine Apartments, a 108-unit value-add community in Thousand Oaks, Calif., from a private family trust. The Class B property changed hands for $33.8 million. A Berkadia team negotiated the sale on behalf of the buyer.

Located at 1394 E. Hillcrest Drive in Ventura County, the property is close to the intersection of Moorpark and Ventura freeways. The garden-style community is within walking distance from the shops and restaurants situated along Thousand Oaks Boulevard. 

Developed in 1979 on a 5-acre site, Stonepine encompasses seven two- and three-story buildings. The unit mix features one- to three-bedroom floorplans ranging from 725 to 1,420 square feet, per Yardi Matrix data. Common-area amenities include a swimming pool, spa, clubhouse and more than 150 parking spaces. The community was 95.4 percent occupied as of October.

Berkadia Managing Director Vince Norris and Associate Director Eric Norris assisted the buyer in the negotiations. The team was also involved in the recent $30 million sale of a 78-unit community in Reseda, Calif. Benedict Canyon Equities sold the Class B asset, also located near Ventura Freeway.