AGOURA HILLS, CA—Multifamily values seem to be on the rise in the Conejo Valley. This week, 467 La Peer Inc., a private investor, purchased a five-unit multifamily property from Investwest LLC, a builder, for a record-breaking $466,000 per unit, the highest per-unit price ever paid in the Conejo Valley. The sale transaction garnered high interest with eight total offers all within 10% off the asking price.

Located at 5310 Colodny Drive in Agoura Hills, the property was recently constructed and fully occupied at the time of the sale. New construction properties are sparse in this particular submarket of the Conejo Valley, mainly because residents oppose larger scale development. The new construction in the Conejo Valley, which is only about 380 market-rate units, is mostly located in Oxnard and Camarillo, which also has an active office market. As a result, the apartment supply in this submarket is extremely limited with vacancies expected to hit 2.5% by the end of the year.

John Battle, SIOR, a principal of Lee & Associates-LA North/Ventura and Lee & Associates broker Matt Benwitt represented both the buyer and the seller in the transaction. According to Battle, in addition to the tight supply, the property generated high interest because it was built to condo specifications and of extremely high quality. The total sale price of the property was $2.3 million. We reached out to Battle and Benwitt for additional information, but did not recieve a response before publication of this story.