Newmark arranged the $18.2-million sale of The Hills, a 52-unit multifamily property located at 850 Warwick Ave. in Thousand Oaks. Vice chairman Dean Zander, senior managing director Chris Benton, managing director Anthony Muhlstein and senior financial analyst Gabe Munson represented the seller, Interstate Equities Corporation. The buyer was FPA Multifamily.
The property was built in 1973, with large apartments averaging nearly 1,000 square feet. With 37 of the 52 apartments remaining unrenovated, The Hills offers significant upside potential, according to Newmark. In addition, the 2.4-acre, low-density setting may allow for additional Accessory Dwelling Units.
“The sale of The Hills reflects the strong investor demand for value-add opportunities in Ventura County,” said Zander. “With its rental upside and ideal location, this property offers the new ownership opportunity for durable growth and outsized returns, especially when combined with the efficiencies of owning other nearby communities.”
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