The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 29, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



VENTURA COUNTY NEWS
Printer-friendly Version   Email an Associate
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.






Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media