Los Angeles-based developer Decron Properties acquired a 391-unit multifamily apartment portfolio in Thousand Oaks for $126.5 million.
The deal with Prometheus Real Estate Group included the 249-unit Los Robles Apartments and the 142-unit Marlowe Apartments located about a mile apart near Moorpark Road. The complexes feature swimming pools, clubhouses, fitness centers and large amounts of open space.
Some of Decron’s improvements include outdoor kitchens, fire pits and barbecues around the pool areas, renovations to the fitness centers and clubhouses and new dog parks. Interior renovations include washer-dryer upgrades, vinyl plank flooring, new kitchen and bathroom cabinetry, stainless steel appliances, quartz countertops and tile backsplash in the kitchen.
Los Robles was built in 1972 and Marlowe in 1966.
“We saw how well the market responded to our renovations in Simi Valley and Moorpark, and are now applying a similar strategy to Thousand Oaks,” Decron President and CEO David Nagel said in a release. “Thousand Oaks is the premier city in the county and we’re looking forward to creating quality housing options for renters in this submarket.”
Despite population growth, the city hasn’t built many apartments, Decron said.
The city is focusing economic development efforts on Thousand Oaks Boulevard. Business and property owners formed the Thousand Oaks Boulevard Specific Plan, which eased up parking restrictions, allocated 214 housing units to the area and allowed retail developers to build right up to the sidewalk rather than be set back behind parking.
“Over the last three years there’s more activity than I ever expected,” Westcord Commercial Real Estate Services CEO Rick Principe told the Business Times in November. He was recently voted out of his position as president of the business improvement district.
Development is restricted by Measure E, which limits total residential units and allowable density. There are 1,000 units available to be built in the city.
“This has created a tremendous supply-demand imbalance in a growing submarket, where many households have been priced out of home ownership,” Nagel said.
Over the past 12 months, Decron has purchased more than 1,300 units totaling $400 million. Since acquiring its first Ventura County property in 2012, Decron has added 1,200 units in East Ventura County.
Ventura County’s median home prices have increased 10.9 percent in the last year, according to the research firm DataQuick. In Thousand Oaks, the average home price is $620,000, which is 22 percent higher than the county average.
Decron owns and manages approximately 6,500 multifamily units, as well as 1.5 million square feet of commercial office and retail shopping center space, in 55 projects, across California and Nevada.
• Contact Alex Kacik at [email protected]