(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
THOUSAND OAKS, CA-GlobeSt.com has exclusively learned that Englewood, CO-based Archstone has sold Archstone Thousand Oaks Crest, a 191-unit apartment community here, for $51,375,000 to Los Angeles-based IMT Capital LLC. The asset, which sold for $269,000 per unit, drew more than 90 interested buyers and multiple offers from both private and public apartment investment firms.
Jim Fisher, Mike Smith and Craig Stevens, principals of Lee & Associates-LA North/Ventura, represented Archstone in the transaction. “The value of this asset belies its age due to a number of factors including the demographics in Thousand Oaks,” said Fisher in a prepared statement. Fisher had also represented Archstone in the purchase of the property for $43 million in July 2007.
“The area’s apartment vacancy rate is less than 3%, and there is virtually no new apartment construction in the pipeline for Thousand Oaks,” Fisher continued. “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.” Thousand Oaks is also anchored by major employers such as Amgen, Baxter Medical and the Oaks Mall and enjoys one of the strongest job bases in all of Ventura County, according to Lee & Associates.
The property, located at 491 W. Gainsborough Rd. and originally built in the 1970s, consists of 18 garden-style buildings on nearly nine acres of land backing up to expansive open space accented with a 500-year-old oak tree that has been the centerpiece of the preservationist movement in the community. The units range from 1,000 square feet for a one-bedroom, one-bath-plus-den unit to 1,340 square feet for a three-bedroom, two-bath unit. All include washers and dryers in the unit and have been renovated since Archstone purchased the property.
As GlobeSt.com previously reported, earlier this month Carroll Organization purchased the 256-unit Archstone Tech Ridge Apartments in Austin. The multifamily property will be rebranded ARIUM Tech Ridge, with the Atlanta buyer putting its own management team into place. The property was finished in late 2010 when Archstone and Bluerock Real Estate LLC formed a joint venture to complete it after the original developer went into bankruptcy.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
