(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.
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