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FPA Multifamily Pays $33.8 Mil for Thousand Oaks Res Community

11/26/19

Stonepine Apartments, a 108-unit garden-style multifamily property in Thousand Oaks, was acquired by California-based FPA Multifamily, LLC in a $33.8 mil ($313k/unit) transaction.

Built in 1979, Stonepine Apartments is comprised of seven two- and three-story buildings on five acres of landscaped grounds, featuring one-, two- and three-bedroom floor plans that average 832 sf in size. Residents are conveniently adjacent to the Colina Middle School and located walking distance from the retail stores and restaurants along Thousand Oaks Blvd.

Vince Norris and Eric Norris of Berkadia represented the buyer in the deal. The seller was a private family trust.

“The asset was owned by the family of the original developer and presented the buyer with a true value-add opportunity with low market rents,” said Norris. “This, coupled with the high barrier-to-entry market and the last building with more than 100 units being built in 2002, checked nearly all the boxes of the buyer’s acquisition criteria. New ownership is planning a large-scale renovation of the exterior and interior.”




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