A two-property multifamily portfolio totaling 504 units sold in Simi Valley for $190 million, or nearly $377,000 per unit.
The assets are The Villas at Wood Ranch, a 372-unit property; and 132-unit Overlook at Wood Ranch. Both communities were constructed in 1986.
The units at both complexes come with hardwood floors, vaulted ceilings, bay windows and balconies. Community amenities include two swimming pools, tennis courts, fitness center and barbecue areas.
Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Decron Properties. The team also procured the buyer, a private multifamily investment firm.
“Situated in one of Simi Valley’s most affluent neighborhoods, The Villas at Wood Ranch and The Overlook at Wood Ranch are located less than half a mile apart and offer residents the unique opportunity to reside in this sought-after neighborhood at a fraction of the cost to home ownership,” Green said in a statement.
“We were able to secure a quality buyer who took full advantage of this opportune time to purchase properties with high growth potential, unobscured views of the Simi Valley hills, and significant upgrades compared to nearby properties.”
The same IPA team transacted last month’s sale of Ocean Villas, a 119-unit apartment asset in Oxnard. That property sold for $39.75 million, or $334,033 a unit.