Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the company’s institutional clients, closed the $100-million sale of Cypress Point, a 268-unit multifamily property in Ventura. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, County Center LP, and procured the buyer, Raintree Partners.
“Cypress Point is a low-density, value-add opportunity asset that had been owned and maintained by the original developer since 1990,” said 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.”
Added Grabiec, “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%.”
Built in 1990 on 14 acres, Cypress Point has 28 two-story apartment buildings, a barbecue and picnic area, fitness center, clubhouse and covered parking.
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