IPA Arranges Record-Breaking Sale of CA Community
- Feb 21, 2018
NNC Apartment Ventures Inc. has acquired Via Ventura, a 192-unit community in Ventura, Calif., for $74 million or $385,417 per unit, which is the highest price per unit paid for a multifamily property in the city. Institutional Property Advisors (IPA) represented the seller, an institutional investor, and procured the buyer in the transaction.
Located at 930 Pacific Strand Court, the property occupies 9.2 acres at the intersection of the 101, 126 and 33 freeways, and is within less than two miles of a Metrolink rail station. Additionally, it is near the 101 Tech Corridor and the Wellness District. The area also offers recreational and shopping options. Via Ventura is situated across from a five-acre park and is within walking distance of Ventura Gateway, Ventura Village, Montalvo Square and Victoria Village shopping centers. Constructed in 2002, the 14 two-story buildings comprise a mix of one- and two-bedroom units, averaging 944 square feet. Communal area amenities include:
- fitness center
- business center
- swimming pool
- grade level parking
“One of the premier assets in Ventura County, this apartment community presents new ownership with a compelling value enhancement opportunity through select upgrades to the property’s original interior finishes,” said Kevin Green, senior director at IPA, in prepared remarks.
Green, together with Executive Managing Directors Greg Harris and Ron Harris, as well as Senior Director Joseph Grabiec, arranged the sales transaction.
IPA recently brokered the sale of Statler Arms, a 295-unit apartment building in Cleveland. The property traded for $40 million.
Image courtesy of Yardi Matrix