Institutional Property Advisors (IPA) has arranged the $153-million sale of a two-property, 409-unit multifamily portfolio in Ventura Count. The properties are Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit apartment property constructed in 1965 in Thousand Oaks. FPA Multifamily was the buyer.

“This marks the fourth deal in Ventura County our team has closed with FPA Multifamily since December, totaling $324.5 million across all properties,” said Kevin Green, IPA executive managing director investments. “Our partnership with FPA Multifamily continues to yield success, highlighting the strong demand and active investor interest in the multifamily market.” 

Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, a private multifamily investor, and facilitated the buyer.

Grabiec added, “Well maintained for over 50 years, the majority of the units at both properties are in classic condition with no upgrades or have received minor refurbishments over the years. Collectively, the portfolio represents nearly 10% of the market-rate apartment housing stock in Thousand Oaks and Westlake Village.”

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