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VENTURA COUNTY NEWS
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LA Investor Closes Institutional Apartment Buy in Thousand Oaks

8/31/12

LA-based IMT Capital LL has purchased Archstone Thousand Oaks Crest, a 191-unit apartment community in Thousand Oaks, in a sizable institutional multifamily acquisition valued at $51.375 mil, or $269k per unit. The asset was sold by Englewood, CO-based Archstone, a national real estate investment company that acquired the property for $43 mil in July 2007.

Built in the 1970s, Archstone Thousand Oaks Crest is located at 491 W. Gainsborough Rd and consists of 18 garden-style buildings on nearly nine acres of land. The property backs up to expansive open space accented with a 500-year-old oak tree that has been the centerpiece of the preservationist movement in the community.

The units range from 1k sf for a one-bedroom, one-bath plus den unit to 1.34k sf for a three-bedroom, two-bath unit. All units include washers and dryers and have been renovated since Archstone purchased the property.

Jim Fisher, Mike Smith and Craig Stevens, principals of Lee & Associates-LA North/Ventura, represented Archstone in the transaction. The asset drew more than 90 interested buyers and multiple offers from both private and public apartment investment firms before being sold to IMT.

“The value of this asset belies its age due to a number of factors including the demographics in Thousand Oaks,” said Fisher, who also represented Archstone in the purchase of the property. “The area’s apartment vacancy rate is less than three percent and there is virtually no new apartment construction in the pipeline for Thousand Oaks. In addition, the average household income in the area is approximately $105,000; the job base is strong and both the asset and the surrounding area offer numerous amenities.”

Anchored by major employers such as Amgen, Baxter Medical, and The Oaks Mall, Thousand Oaks enjoys one of the strongest job bases in all of Ventura County.






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