The Stonepine Apartments, a 108-unit garden-style multifamily property in Thousand Oaks, has sold for $33.8 million.
Built in 1979, the property is comprised of seven two- and three-story buildings on 5 acres of landscaped grounds, and features one-, two- and three-bedroom floor plans that average 832 square feet.
Managing Director Vince Norris and Associate Director Eric Norris of Berkadia’s Los Angeles office completed the sale on behalf of the buyer, FPA Multifamily LLC. The seller was a private family trust.
“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,” Norris said in a statement. “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.”
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.