LOS ANGELES — November 25, 2019 — Berkadia today announced the $33.8 million sale of Stonepine Apartments, a 108-unit garden-style multifamily property in Thousand Oaks, California. Managing Director Vince Norris and Associate Director Eric Norris of Berkadia’s Los Angeles office completed the sale on behalf of the buyer, California-based FPA Multifamily, LLC. The seller was a private family trust, and the deal closed on November 14.
“The asset was owned by the family of the original developer and presented the buyer with a true value-add opportunity with low market rents,” said Vince Norris. “This coupled with the high barrier-to-entry market and the last building with more than 100 units being built in 2002, checked nearly all the boxes of the buyer’s acquisition criteria. New ownership is planning a large-scale renovation of the exterior and interior.”
Stonepine Apartments is located within the beautiful bedroom community of Thousand Oaks, California, where single-family home prices average over $1 million. Built in 1979, this property is comprised of seven two- and three-story buildings on five acres of landscaped grounds, and features one-, two- and three-bedroom floor plans that average 832 square feet. Residents are conveniently adjacent to the Colina Middle School and located walking distance from the retail stores and restaurants along Thousand Oaks Boulevard.