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Monday, May 29, 2023

Agoura Apartment Sells for $53 Million

The Lexington apartment complex in Agoura Hills has sold for $53 million. Gary Freedman, principal of Erzalow Co., purchased the 178-unit property from Chicago apartment developer Equity Residential, according to real estate data firm CoStar Group Inc. The sale price represents $299,000 per unit. The 11-building, 142,000-square-foot complex at 30856 Agoura Road is the second-largest multifamily property in the Agoura Hills market. It was formerly known as Archstone Agoura Hills but has been renamed The Lexington. It is 96 percent leased. The sale was financed by City National Bank. This is the second large transaction the real estate investment trust has made locally in recent months. Last fall, Equity Residential acquired The Hesby, a 308-unit upscale apartment building in North Hollywood, for $126 million. The REIT’s motivation for selling the Agoura property was to redeploy capital, according to CoStar. The buyer of the complex plans to spend between $25,000 and $30,000 per unit to upgrade the interiors. Dean Zander, senior partner at Hendricks-Berkadia, and his colleagues in the brokerage’s Woodland Hills office, Vince Norris and Spencer C. Scott, represented both buyer and seller in the transaction. The Lexington was built in 1986 on 15 acres. The mix of one- and two-bedroom apartments command average rents of $1,800 a month. The property features a fitness and business center, a pool, spa, barbeque area and tennis courts as well as hiking trails.

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