**Thousand Oaks Multifamily Property Sells Above Asking Price at 3.8% Cap Rate**
Berkadia has successfully arranged the sale and financing of Lynn Villa Apartments, an 89-unit, garden-style multifamily community located in Thousand Oaks, California. The property was sold for $27.4 million by Woodland Hills-based Lynn Villas, LLC.
The transaction was led by Adrienne Barr, Senior Managing Director, and Nancy Badzey, Director of Transaction Services, from Berkadia’s Los Angeles office. The buyer, Hanes Investment Realty Inc., secured $17.5 million in acquisition financing through Aetna Life Insurance Company. Berkadia’s Los Angeles-based team—Managing Directors George Spadier and Keith Rosso, along with Associate Director Jeremy Kanter—arranged the financing. The five-year loan includes a competitive fixed interest rate, interest-only payments, and a 65% loan-to-value ratio.
“Investors were drawn to the low in-place rents and value-add potential,” said Barr. “The property sold over the asking price at a 3.8% cap rate on the in-place rent roll with 16 offers. It was the first time the property was on the market in over 30 years.”
Lynn Villa Apartments is located at 693 McCloud Ave., directly across the street from The Oaks Mall, which was recently acquired by Stockdale.
