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2/27/15
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Calabasas-based Ezralow Company has acquired a 178-unit, garden-style multifamily property in Agoura Hills for $53 mil ($298/sf). The property, formerly known as Archstone Agoura Hills, is located at 30856 Agoura Rd, south of the 101 Fwy and east of Lindero Canyon Rd. Marketed as a value-add opportunity, the property is the second-largest apartment community in the upscale city of Agoura Hills.
Archstone Agoura Hills, which will be rebranded as the Lexington Apartment Homes, was built in 1986. The community features a mix of one- and two- bedroom apartment homes in 11 two-story buildings situated over 15 acres of land.
The amenity-rich complex has a small welcome center which includes a leasing office, a gym and a business center. The welcome center connects to the community pool, spa, and bbq area. Other common area amenities include a tennis court and local trails located at the back of the property on the Santa Monica Mountains. Unit amenities include central air-conditioning, spacious balconies or patios, European style washer/dryer, individual hot water heaters, and in-suite storage space.
The Berkadia brokerage team of Dean Zander, Vince Norris, and Spencer Scott represented the seller in the transaction. According to Zander, the listing had nearly 250 registered interested buyers and two dozen offers. The new ownership plans considerable upgrades to the interiors and common areas to reflect the desires and needs of the affluent community in which the property is located.
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