Hendricks & Partners is pleased to announce the sale of the Pavilion Apartments located at 550 North Laurie Lane, just west of Moorpark Road and north of Hillcrest Drive in the city of Thousand Oaks. The 142-unit apartment community is two blocks west of the Janss Marketplace and one mile west of The Oaks shopping mall.
Constructed in 1967, the property consists of 26 two-story buildings situated on 8.88 acres of land. Carport parking is provided 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 1,600 square feet.
This transaction closed on November 8, 2007 for $42,575,000 and was sold by Pavilion Associates of Corona Del Mar to APIP Pavilion LLC of San Mateo, CA, who plans major upgrades to the common areas and unit interiors. The sale price represented a capitalization rate of 5.5% on stabilized income.
Dean Zander of the Los Angeles office of Hendricks & Partners represented both the Buyer and Seller in this transaction. "This was a unique opportunity for the Buyer to acquire a large complex in a high-demand market with very limited competition," Zander added, "that had been held by the same entity for more than 20 years."
Source: PRNewswire.com