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May 21, 2024
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FPA Multifamily Acquires Ventura County Res Portfolio in $153 Mil Transaction


A two-property, 409-unit multifamily portfolio in Ventura County traded hands in a recent transaction worth $153 mil, or $374k/unit. The deal includes Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit apartment property constructed in 1965 in Thousand Oaks.

Oakview Apartment Homes is within a five-minute drive of shopping at Westlake Plaza and North Ranch Shopping Center, and employers such as Dole Packaged Foods, Anthem Blue Cross, UCLA Health, JD Power & Associates, and General Motors.

The Biltmore at Thousand Oaks is within walking distance of Whole Foods Market, Janss Marketplace shopping mall and local boutiques along Moorpark Road. The Oaks shopping center, Conejo Valley Botanic Garden, and The Lakes at Thousand Oaks are within a short drive. Both properties have upgraded clubhouses and leasing centers, two resort-style pools, spas, and outdoor lounge areas with barbecues and seating.

Kevin Green, Joseph Grabiec and Gregory Harris with Institutional Property Advisors represented the seller, a private multifamily investor, and facilitated the buyer, FPA Multifamily.

“Well maintained for over 50 years, the majority of the units at both properties are in classic condition with no upgrades or have received minor refurbishments over the years,” said Grabiec. “Collectively, the portfolio represents nearly 10% of the market-rate apartment housing stock in Thousand Oaks and Westlake Village.”

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