In a recent transaction, Institutional Property Advisors (IPA), a division of Marcus & Millichap, successfully sold The Landing at Arroyo in Simi Valley for $95 million. This 212-unit multifamily property was acquired by a private investor and traded at an average price of $448,113 per unit.
According to Kevin Green, IPA’s executive managing director investments, this low-density suburban core asset has great potential for growth in an underserved market with limited development opportunities. In fact, over the past 25 years only four other multifamily properties with more than 50 units have been built in Simi Valley and there is only one new market-rate property expected to be completed within the next five years.
Green worked alongside Joseph Grabiec and Gregory Harris from IPA to represent the seller USA Properties Fund while also securing the buyer for this transaction.
Built on 10 acres in 2022, The Landing at Arroyo boasts seven buildings along with amenities such as a swimming pool and spa area, game room, fitness center,and co-working space. Additionally,the complex offers central package lockers for convenient deliveries. Overall,this sale highlights strong demand for well-located multifamily assets like The Landing at Arroyo within desirable markets like Simi Valley.
