Two rental communities in Ventura County have sold for a combined $153 million.
FPA Multifamily LLC purchased Oakview Apartment Homes and The Biltmore at Thousand Oaks. The two communities total 400 units, representing nearly 10% of the market-rate apartment housing stock in Thousand Oaks and Westlake Village, California, according to the team that brokered the sale.
Built in 1970 in Westlake Village, the 240-unit Oakview Apartment Homes is at 645 Hampshire Rd. The property sits near retail centers Westlake Plaza and North Ranch Shopping Center in a highly residential suburban area.
Four miles away, The Biltmore at Thousand Oaks includes 170 units built in 1965 at 555 Laurie Ln. The community is within walking distance of Whole Foods Market, retail center Janss Marketplace and boutiques along Moorpark Road.
Both properties, managed by Woodriver Management, have upgraded clubhouses and leasing centers, two resort-style pools, spas and outdoor lounge areas with barbecues and seating. The majority of the units at both properties are in original condition, with minor refurbishments over the years.
Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller — an undisclosed private multifamily investor — and facilitated FPA Multifamily as the buyer.
The team has closed four deals in Ventura County with San Francisco-based FPA Multifamily since December, totaling $325 million across all properties. In December, FPA bought another two-property, 400-unit apartment portfolio, including the second-largest multifamily asset in Thousand Oaks, for $171 million.
Green said the $153 million sale highlights strong demand and active investor interest in the multifamily market in Southern California.
