IPA Facilitates $153M Sale of 409-Unit Multifamily Portfolio in Ventura County
Institutional Property Advisors (IPA) has successfully arranged the sale of a two-property multifamily portfolio in Ventura County for a total of $153 million. The portfolio includes Oakview Apartment Homes, a 242-unit property built in 1970 located in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit apartment complex constructed in 1965 situated in Thousand Oaks. FPA Multifamily was the buyer.
According to Kevin Green, executive managing director investments at IPA, this deal marks their fourth successful transaction with FPA Multifamily since December and brings their total sales with them to $324.5 million across all properties. This partnership highlights the strong demand and active investor interest within the multifamily market.
Green along with Joseph Grabiec and Gregory Harris from IPA represented the seller – a private multifamily investor – while also facilitating communication between both parties during negotiations.
Grabiec noted that both properties have been well-maintained for over five decades with most units remaining classic or receiving minor refurbishments throughout time. Together, these assets make up almost ten percent of market-rate apartment housing stock within Thousand Oaks and Westlake Village.
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