Thousand Oaks apartments sell for $51.4M
A 191-unit apartment complex in Thousand Oaks has been sold to a Los Angeles investment firm for $51.4 million, an almost 20 percent premium over the property’s last sale price in 2007.
IMT Capital purchased the Archstone Thousand Oaks Crest complex at 491 W. Gainsborough Road.
The property drew more than 90 interested buyers and received multiple offers, Lee & Associates-LA North/Ventura, which represented the buyers, said Aug. 30.
The seller was Archstone, a Colorado-based investment firm that bought the property in 2007 for $43 million. The apartments were built in 1970.
“The value of this asset belies its age due to a number of factors including the demographics in Thousand Oaks,” Fisher, Smith and Stevens, which represented Archstone in deal, said in a news release.
The area’s apartment vacancy rate is less than 3 percent, Fisher said. “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.”