The property sold for $385,417 per unit.
VENTURA, Calif.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI) announced today its Institutional Property Advisors (IPA) division closed the sale of Via Ventura, a 192-unit apartment complex in Ventura, California. The property sold for $74 million, which equates to $385,417 per unit, the highest price per unit for a multifamily asset in the city of Ventura.
“One of the premier assets in Ventura County, this multifamily property presents new ownership with a compelling value enhancement opportunity through select upgrades to the property’s original interior finishes,” said Kevin Green, senior director. “Via Ventura is situated within one of the most prestigious neighborhoods in the city of Ventura, where the median price of a single-family home is $632,000,” added Greg Harris, executive managing director.
Green, Greg Harris, Ron Harris, executive managing director, and Joseph Grabiec, senior director, represented the seller, an institutional investor, and procured the buyer, NNC Apartment Ventures Inc.
“The property’s highly favorable demand drivers include its location at the convergence of the 101, 126, and 33 freeways, and it is less than two miles from a Metrolink rail station,” noted Ron Harris.
Built in 2002, Via Ventura consists of 14 two-story apartment buildings on more than nine acres located near the 101 Tech Corridor, the Wellness District and other major employment hubs. The property is situated on a quiet residential street across from a five-acre park and is within walking distance of more than 800,000 square feet of retail, including the Ventura Gateway, Ventura Village, Montalvo Square, and Victoria Village shopping centers. The Ventura County Government Center, one of the region’s largest employers, is within walking distance. Hiking trails, beaches, Downtown Ventura, and Ventura Harbor are nearby.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 nearly 9,000 transactions in 2016 with a value of approximately $42.3 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
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Marcus & Millichap
Gina Relva, Public Relations Director
Source: Marcus & Millichap