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12/15/23
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FPA Multifamily purchased a two-property, 399-unit multifamily portfolio in Thousand Oaks, CA in a $171.25 mil transaction. FPA made the buy on behalf of their Core Plus Fund V, which has acquired $1.9 bil of assets.
The properties are Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit apartment property constructed in 1966. They were sold by Decron Properties.
Los Robles Apartments, Thousand Oaks, CA |
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Los Robles Apartments is the second-largest multifamily asset in Thousand Oaks. The 32-building property has a unit mix of studio, one-, and two-bedroom apartments averaging 882 sf in size. Units have ductless heating and cooling systems, washers and dryers, and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center, and outdoor lounge areas.
The Retreat at Thousand Oaks is a 28-building asset with a low-density neighborhood setting in walking distance of Janss Marketplace, an outdoor shopping mall. The property has a mix of one- and two-bedroom apartments, three-bedroom townhomes, and four-bedroom flats. The average unit size is 1.3k sf.
“Located one mile apart in Ventura County’s best housing submarket, the properties represent 11% of the total market-rate housing stock in Thousand Oaks,” said Kevin Green, IPA executive managing director investments. “Thousand Oaks has some of the best public schools in Southern California, a 3.3% unemployment rate, average annual household income over $160,000, and a well-educated workforce, all of which translates to strong demand for multifamily housing.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller and procured the buyer in the deal.
“In the last 30 years, only 476 units and only two projects with more than 50 units have been delivered in Thousand Oaks,” said Grabiec. “Los Robles Apartments and The Retreat at Thousand Oaks received $19 mil in capital improvements over the last eight years to make them the premier luxury multifamily communities in the submarket.”
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