Marcus & Millichap Capital Corp. arranged $55.4 million in
acquisition financing.
WESTLAKE VILLAGE, Calif. -- (Business Wire)
Marcus & Millichap (NYSE: MMI) today announced its Institutional
Property Advisors (IPA) division closed the sale of IMT Westlake
Village, a 253-unit multifamily community located in Westlake Village,
California. The $88.25 million sales price equates to just under
$319,000 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged
$55.4 million in financing for the purchase.
“Demand for high-quality multifamily housing in Westlake Village and the
surrounding submarkets is strong, as demonstrated by steady rental rate
increases over the last five years in every neighboring submarket,” says
Greg Harris, IPA executive director. “In fact, premium rents in the area
lead other Ventura County submarkets and Los Angeles County as a whole.”
Harris, along with Kevin Green and Joseph Grabiec, IPA senior directors,
represented the seller, IMT Capital LLC, and procured the buyer, a
1031-exchange investor. Danny Abergel, senior vice president capital
markets in MMCC’s Encino office, arranged the financing.
“Sales and loans of this type are infrequent in the area, as the
neighborhoods are made up of mostly single-family homes,” adds Abergel.
“Marcus & Millichap’s integrated platform of brokerage and financing
provided key advantages that made the process move smoothly and helped
us close quickly.”
“Located in one of the most supply-constrained and coveted locations in
Los Angeles County, the property is well-positioned for long-term future
growth,” notes Green. “There is also a significant value-add opportunity
to be gained through completing the apartment interior renovation plan
and repositioning common areas with strategic upgrades.”
Built in 1971 on nearly 14 acres, the 13-building asset is located on
the border between Los Angeles County and Ventura County at 603
Hampshire Road in Westlake Village. IMT Westlake Village features two
swimming pools with spas; tennis, basketball and volleyball courts; an
outdoor residential lounge, and a business center. The area’s major
employers include Amgen, Dole Food Co., Kythera Biopharmaceuticals,
General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies
Inc., Verizon, and Volkswagen.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located
throughout the United States and Canada, Marcus & Millichap is a leading
specialist in commercial real estate investment sales, financing,
research and advisory services. Founded in 1971, the firm closed over
8,700 transactions in 2015 with a value of approximately $37.8 billion.
The company has perfected a powerful system for marketing properties
that combines investment specialization, local market expertise, the
industry’s most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To learn
more, please visit: www.MarcusMillichap.com
About Institutional Property Advisors
With a network of senior-level investment advisors located throughout
the United States, Institutional Property Advisors (IPA) is qualified to
meet the needs of institutional and major private investors. IPA’s
combination of real estate investment and capital markets expertise,
industry-leading technology, superior support services and acclaimed
research offer customized solutions for the acquisition and disposition
of institutional properties and portfolios. www.IPAusa.com
Marcus & Millichap Capital Corporation (MMCC) is a
subsidiary of Marcus & Millichap (NYSE: MMI), a leading commercial real
estate investment services firm with offices throughout the United
States and Canada. Through its network of national, regional and local
lenders, MMCC provides capital markets products for a wide variety of
investment properties, including apartments, shopping centers, office
buildings, industrial facilities, single-tenant net-lease properties,
seniors housing, hotels/motels, manufactured home communities and
self-storage facilities. In 2015, MMCC closed more than 1,600 commercial
real estate financing transactions. To learn more, please visit: www.mmCapCorp.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830006359/en/
Contacts:
Marcus & Millichap
Gina Relva, 925-953-1716
Public
Relations Manager
Source: Marcus & Millichap
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