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Lee & Associates-LA North/Ventura Transacts 10-Unit Multifamily Sale

04/29/2015
Thousand Oaks, CA property sells for $4,320,000 or $432K per unit

THOUSAND OAKS, CA—April 29, 2015 – A 10-unit apartment property in Thousand Oaks, CA has traded for $4,320,000 or $432,000 per unit, according to John Battle SIOR, a principal of Lee & Associates-LA North/Ventura who represented the seller, HH Sugar Shack LLC, with Lee Associate Matt Benwitt.

“The near record price we achieved for this asset reflects the demand we are seeing for quality properties in suburbs such as Thousand Oaks,” Battle said. “The high barriers to entry in these markets make these assets highly desirable investments.”

The brokerage team received several strong offers within the first two weeks of marketing the property, and it was put under contract in less than 30 days.

The property, located at 90 N. Oakview Drive in Thousand Oaks, was built in 2014 and fully leased at the time of the sale with a waiting list of interested renters should a vacancy become available. All of the units are two-bedroom, two-bath apartments measuring approximately 1,030 square feet.

The buyer, Pinelock Properties LLC, was represented by Ben Silver at First Property, Beverly Hills, CA.
04/29/2015 - 09:00

Source

Lee & Associates

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