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5/22/23
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A two-property, 399-unit multifamily portfolio in Thousand Oaks has been put on the market. The portfolio includes Los Robles Apartments, a 253-unit property built in 1972 and The Retreat at Thousand Oaks, a 146-unit apartment community constructed in 1966. The properties are approximately one mile apart and offered for sale as individual assets or as a portfolio.
“This is a rare opportunity to acquire a sizeable footprint in Ventura County’s best housing submarket with strong future growth potential. The properties, representing 11% of the total market-rate housing stock in Thousand Oaks, offer investors 7% to 8% upside in rental income via loss-to-lease capture, and attractive assumable, non-recourse, interest-only agency financing with favorable leverage at approximately 3.85% fixed interest rates,” said Kevin Green, Institutional Property Advisors executive managing director investments. “Thousand Oaks boasts some of the best public schools in Southern California, a low 3.3% unemployment rate, strong household income averaging over $160,000, and a well-educated workforce with a 61% majority holding a college degree, which translates to strong demand for multifamily housing. Rents are expected to grow 3.8% annually on average over the next five years.”
Los Robles Apartments features a unit mix of studio, one-, and two-bedroom apartment units averaging 882 sf. The Retreat at Thousand Oaks features one- and two-bedroom apartments, three-bedroom townhomes, and four-bedroom flats averaging 1.3k sf. Capital improvements totaling $19 mil were made to enhance both properties over the last eight years to premier, turnkey luxury multifamily assets in the Thousand Oaks submarket.
“In addition to being the corporate headquarters of Fortune 500 Amgen, Thousand Oaks is the fastest-growing biotech hub in the nation. Over 600k sf of biotech space is currently in development and will introduce thousands of new full-time, high-paying jobs to the area,” said Green. “Los Robles and The Retreat offer two of the best locations and amenity packages in the submarket and are well positioned to capitalize on the projected growth.”
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