**IPA Facilitates $100M Sale of Cypress Point Apartments in Ventura**
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has completed the $100 million sale of Cypress Point, a 268-unit multifamily property in Ventura, California. The transaction marks a significant milestone in one of the region’s rare large-scale multifamily property sales.
IPA’s Kevin Green, Joseph Grabiec, and Gregory Harris represented the seller, County Center LP—the original developer who has owned and maintained the property since it was built in 1990. The buyer, Raintree Partners, was also secured by the IPA team.
“Cypress Point is a low-density, value-add opportunity asset that had been owned and maintained by the original developer since 1990,” said Kevin Green. “Our marketing strategy highlighted the asset’s unique value proposition, generating interest from every major value-add and core-plus fund in the multifamily marketplace.”
Joseph Grabiec added, “One of just four multifamily communities with 250 units or more to change hands in Ventura in the last 10 years, the property’s strong performance history includes average occupancy over the last five years of 97.6%.”
Located on 14 acres, Cypress Point was constructed with 28 two-story apartment buildings and offers a mix of community amenities including a barbecue and picnic area, fitness center, clubhouse, and covered parking.
This transaction highlights continuing interest in Southern California’s multifamily market, particularly for well-located and consistently performing assets with growth potential.
