A 178-unit apartment complex in Agoura Hills near Ventura County has sold for $87.3 million.
An undisclosed seller sold the Lexington Apartments at 30856 Agoura Road, the San Fernando Valley Business Journal reported. The price comes out to $490,450 per unit.
The buyer of the two-story complex was Boston-based Intercontinental Real Estate Corp. and MG Properties, based in San Diego.
The Lexington, built in 1986, includes one- and two-bedroom apartment homes housed in 11 two-story buildings on 15 acres. All of the apartments had been renovated within the past five years. Rents range between $2,872 and $3,872 a month, according to Westside Rentals.
Agoura Hills, in the Conejo Valley on the northwest edge of Los Angeles County, has high demand for rental housing.
The valley between the San Fernando Valley and Ventura County is close to such corporate headquarters as Amgen, Teradyne, Dole Foods, JD Power, Hilton Foundation, Farmers Insurance and the Los Angeles Rams.
“More than 80 percent of the housing stock in Agoura Hills is single-family housing,” Jessica Levin, Intercontinental’s senior director for acquisitions in the firm’s Los Angeles office, said in a statement. “With median home prices of nearly $1.2 million, and a limited multifamily inventory with very little in the pipeline, Agoura Hills can arguably be considered one of the strongest and most stable suburban multifamily markets in the greater Los Angeles area.”
According to the Southern California Association of Governments, there are only 1,249 multifamily units in Agoura Hills, with less than 500 units built since 2000.
The Lexington deal was the largest multifamily transaction by unit size in Agoura Hills in the past 10 years, according to Real Capital Analytics. During that time only five apartment communities with 100 or more units traded hands in the Conejo Valley.
The joint venture of Intercontinental and MG Properties has a 3,200-unit multifamily portfolio consisting of eight communities in suburban markets outside of Los Angeles, Denver, Phoenix, Portland, San Diego and the Bay Area.
In February, it paid $143 million for a 394-unit garden-style apartment complex in Aurora, Colorado, outside Denver.
— Dana Bartholomew
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