A private multifamily investor has purchased an apartment community in Simi Valley, California for $95 million.
The Landing at Arroyo, which was first built in 2022, comes with 212 multifamily units, costing $448,113 for each one. The property consists of seven buildings on 10 acres and features amenities such as a pool and spa, fitness center, game room, packaging lockers, and co-working space.
Institutional Property Advisors, which serves as a CRE unit of brokerage giant, Marcus & Millichap, procured the undisclosed buyer of The Landing at Arroyo. It also brokered the deal for USA Properties Fund, which was the seller of the property.
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