Thousand Oaks Multifamily Sells Above Asking Price at 3.8% Cap Rate
Berkadia arranged the sale and financing of Lynn Villa Apartments, an 89-unit, garden-style multifamily property in Thousand Oaks. Senior managing director Adrienne Barr and director of transaction services Nancy Badzey of Berkadia Los Angeles led the $27.4-million sale on behalf of the seller, Woodland Hills-based Lynn Villas, LLC.
Managing directors George Spadier and Keith Rosso and associate director Jeremy Kanter of Berkadia Los Angeles secured $17.5 million in acquisition financing through Aetna Life Insurance Company on behalf of the buyer, Hanes Investment Realty Inc. The five-year loan featured 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.”
Located at 693 McCloud Ave., the property is across the street from The Oaks Mall, which was recently purchased by Stockdale.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout