Pavilion Apartments, a 142-unit multifamily community located
at 550 North Laurie Lane, just west of Moorpark Rd and north
of Hillcrest Dr in the city of Thousand Oaks, sold for $42.575
mil ($299.8k/unit). The complex is situated two blocks west
of Janss Marketplace and one mile west of The Oaks shopping
mall, two of the major retail centers in the region.
Constructed
in 1967, the property consists of 26 two-story buildings situated
on 8.88 acres of land and features carport parking scattered
throughout the community. Amenities include a two-story clubhouse
with large fitness center, two pools and a spa, as well as
oversized units in a variety of one-, two-, and three-bedroom
floor plans ranging up to 1.6k sf.
The property
was purchased by a San Mateo investment entity called APIP
Pavilion, which plans major upgrades to the common areas and
unit interiors. It was sold by Pavilion Associates of Corona
Del Mar in a deal that came in with a capitalization rate
of 5.5% on stabilized income.
Dean Zander
of the LA office of Hendricks & Partners represented both
the buyer and seller in this transaction. According to Zander,
"This was a unique opportunity for the buyer to acquire
a large complex in a high-demand market with very limited
competition.” The property had been held by the same
entity for more than 20 years.
