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Value-Add Multifamily Fetches $53M

AGOURA HILLS, CA—Erzalow Co. buys a 178-unit multifamily complex, the second largest in the city, formerly known as Archstone Agoura Hills.

By Kelsi Maree Borland | Updated on February 27, 2015

AGOURA HILLS, CA—Erzalow Co. has purchased a multifamily property in Agoura Hills, CA, previously known as Archstone Agoura Hills, from a private investor for $53 million. With 178 units, the property is the second largest multifamily property in the Agoura Hills market.

The sales team received 24 offers for the property and more than 250 registered buyers. “We got among the highest interest for this property of any property we have ever marketed. It appealed to the broadest variety of every investor type that we work with: private capital, sponsored capital and institutional capital,” Dean Zander, a broker at Berkadia, tells GlobeSt.com. “Between the size, which was large enough to appeal to institutions and small enough to be within reach for the larger private investors, and the age, being that it was built in the 1980s and basically un-renovated, which gave it plenty of untapped potential, it appealed to a tremendous variety of buyers.” Zander represented the seller in the transaction along with his Berkadia colleagues Vince Norris and Spencer Scott.  

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