FPA Multifamily has purchased two vintage apartment complexes in east Ventura County for $153 million.
The San Francisco-based investor bought the 242-unit Oakview Apartment Homes at 645 Hampshire Road in Westlake Village, and the 167-unit Biltmore at Thousand Oaks at 555 Laurie Lane in Thousand Oaks, the Los Angeles Business Journal reported.
The seller of the portfolio was not disclosed. The price for a combined 407 apartments works out to $374,083 per unit.
The previous owner of the Oakview was Wilshire Equities, based in Sawtelle, according to a San Francisco Chronicle property database. The owner of the Biltmore was Biltmore Associates, based at the same address.
Biltmore Associates is led by Avi Peretz, CEO of Wood River, according to state business records.
Brokers Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a unit of Calabasas-based Marcus & Millichap, represented the seller and facilitated FPA Multifamily.
“This marks the fourth deal in Ventura Country our team has closed with FPA Multifamily since December, totaling $325 million across all properties,” Green, executive managing director of investments at IPA, said in a statement.
Oakview Apartment Homes, built in 1970, is a short drive to Westlake Plaza and North Ranch Shopping Center.
The Biltmore at Thousand Oaks, built in 1965, is a short stroll to Whole Foods Market, Janss Marketplace shopping mall and local boutiques along Moorpark Road.
Both properties have upgraded clubhouses and leasing centers, as well as two resort-style pools, spas and outdoor lounge areas with barbecues. Both properties are well-maintained, and have not had a facelift for more than half a century, Grabiec said.
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“Collectively, the portfolio represents nearly 10 percent of the market-rate apartment housing stock in Thousand Oaks and Westlake Village,” he said.
FPA Multifamily, founded in 1985, has sunk $24 billion in buying 770 apartment buildings with 152,500 units across the U.S., with offices in Atlanta, Chicago, Denver, Houston, Irvine, and Washington, D.C., according to its website.
FPA Multifamily just bought a 34-story, 525-unit luxury tower at 888 South Hope Street in Downtown Los Angeles for $186 million, or $354,286 per unit.
— Dana Bartholomew