Decron Properties Acquires Two Apartment Communities in Los Angeles Suburb for $126.5M
THOUSAND OAKS, Calif. — Decron Properties Corp. has acquired the 249-unit Los Robles Apartments and the 142-unit Marlowe Apartments for $126.5 million. The two properties are located a mile from one another in Thousand Oaks, a northwestern suburb of Los Angeles.
Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, in the transaction. Although the seller’s name wasn’t disclosed in the news release, local media have identified the seller as Prometheus Real Estate Group.
The two-property portfolio consists of 391 units, and the sales price equates to $324,000 per unit.
“These two complexes provide the new owner with a significant value-add opportunity and a sizeable footprint in Ventura County’s most sought-after locale,” says Greg Harris, executive director at IPA.
Built in 1972, Los Robles Apartments is a 220,778-net-rentable-square-foot, two-story apartment community that consists of 32 buildings situated on 11.6 acres.
Community amenities include a clubhouse, a children’s play area, a heated swimming pool, spa and covered parking. Los Robles Apartments features one- and two-bedroom floor plans, and units include granite or cultured marble countertops, plank flooring and ductless air conditioning and heating.
Marlowe Apartments was built in 1966 and includes 28 buildings totaling 181,100 net rentable square feet situated on 8.8 acres. Apartments average 1,275 square feet and feature one-, two-, three- and four-bedroom floor plans. Community amenities include a clubhouse, fitness center, two swimming pools, a spa, children’s playground and carports.
Both assets are located in the 101 Tech Corridor, the concentration of employment along U.S. Highway 101 from the San Fernando Valley through Ventura County.
Nearby employers include Amgen, Anthem Inc., Audi, Baxter, Conversant, Dole Food Co., General Dynamics Corp., Ixia, Jafra Cosmetics, J.D. Power & Associates, Kythera Biopharmaceuticals Inc., Teledyne Technologies Inc., Verizon and Volkswagen.
“The city’s strong submarket fundamentals, high cost of homeownership and the scarcity of new apartments support the continuation of the properties’ value-add strategies,” says Stan Jones, executive director at IPA.