THOUSAND OAKS, CALIF. — FPA Multifamily, on behalf of its Core Plus Fund V, has acquired a two-property multifamily portfolio totaling 399 units in Thousand Oaks, a suburb west of Los Angeles. Decron Properties sold the assets for $171.2 million.
The portfolio consists of Los Robles Apartments, a 253-unit asset built in 1972, and The Retreat at Thousand Oaks, a 146-unit property built in 1966.
Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
Los Robles Apartments features studio, one- and two-bedroom apartments, averaging 882 square feet, spread across 32 residential buildings. Units have ductless heating and cooling systems, washers/dryers and new plank flooring. Community amenities include a new leasing office, resort-style pool, fitness center and outdoor lounge areas.
The Retreat at Thousand Oaks offers a mix of one- and two-bedroom apartments, three-bedroom townhomes and four-bedroom flats, with an average unit size of 1,260 square feet. The property is within walking distance of Janss Marketplace, an outdoor retail center.