L.A.-Area Community Trades for $67M

Pacific Urban Residential acquired IMT Thousand Oaks for more than $350,000 per unit.
IMT Thousand Oaks in Thousand Oaks, Calif.

IMT Thousand Oaks in Thousand Oaks, Calif.

By Dees Stribling, Contributing Editor

An affiliate of Pacific Urban Residential has acquired IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, Calif. The $67 million sales price equates to more than $350,000 per unit.

IMT Thousand Oaks is at 491 W. Gainsborough Road, along U.S. 101. Built in 1973, the property is a garden-style community of one-, two- and three-bedroom floor plans with private patios or balconies. Common amenities include an on-site business center, a pet park and a swimming pool with cabanas. There are also a total of 191 parking spaces, some of which are covered.

The property has enjoyed considerable rental growth in recent years. According to Yardi data, the average rent at IMT Thousand Oaks was $1,871 per month in 2012. As of this year, the rate is $2,054 per month.

Marcus & Millichap’s Institutional Property Advisors division facilitated the deal. IPA Executive Director Greg Harris and Senior Directors Kevin Green and Joseph Grabiec represented the seller, IMT Capital LLC, which acquired the property in 2012 from Archstone for $51.3 million.

Green told MHN that the deal was “an off-market transaction and so was not broadly marketed to the investor pool. That said, assets like this—our team recently closed IMT Westlake Village, which shares similar deal attributes—are pursued by institutional capital, high-net-worth private investors, value-add capital and foreign capital.”