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5/05/08
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Well-located multifamily assets remain a strong draw for investors, particularly those who aren’t at the mercy of today’s challenging lending environment. In a recent example of a large apartment buy, IMT REIT Capital LLC acquired the 253-unit Townhomes of Westlake Village from Wilshire Equities for $68.5 mil ($270.8k/unit) in cash. The buyer plans to invest an additional $3 mil in improvements to upgrade the 37-year-old property, which was 97% leased at the time of the sale.
Townhomes of Westlake Village is situated on 13.7 acres at 603 Hampshire Rd, west of Westlake Blvd and south of the 101 Fwy. The property consists of one-, two- and three-bedroom units, measuring from 730 sf to 1.8k sf, with existing monthly rents that range from $1,235 to $2,210 per unit. Fifty of the units are townhome style, and most had been renovated by the long-term owner with upgrades including in-unit washer/dryers, corian countertops and new cabinetry. Common area amenities include tennis courts, three pools, fitness center, clubhouse, volleyball court and more.
Dean Zander of Hendricks & Partners represented the buyer and the seller, Washington-based Wilshire Equities, which had owned the property for nearly 30 years. Zander sold the seller’s only other Southern California apartment building, Pavilion in Thousand Oaks, in November 2007 for nearly $43 mil. Sherman Oaks-based IMT was able to purchase the property without taking on new debt thanks to the firm’s $350 mil Private Equity Fund.
Cory Thabit, Managing Director of IMT Capital says, “Townhomes of Westlake Village is an excellent example of our fundamental value-add strategy. The asset presents us with the opportunity to increase value through physical renovation and more professional management.”
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