Large multifamily property in Simi nets $95M in sale
The Landing at Arroyo, a 212-unit multifamily property in Simi Valley, was sold for $95 million on Aug. 29.
The sale was announced by Simi Valley-based Institutional Property Advisors, a division of Marcus & Millichap. With the $95 million price tag, each unit sold and was worth $448,113.
The property is located between California State Route 118 and U.S. Highway 101, giving residents access to nearby employment in Warner Center, Thousand Oaks, and Camarillo.
“This quintessential, low-density suburban core multifamily asset is poised for substantial growth in a severely underserved market with a flat development pipeline,” Kevin Green, IPA executive managing director of investments, said in a press release.
“In the last 25 years, just four other multifamily properties of 50 units or more have been delivered in Simi Valley and only one market-rate property totaling 280 units is expected to be delivered in the city over the next five years.”
Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, USA Properties Fund, and procured the buyer, a private multifamily investor, according to the press release.
Current residents of the Landing at Arroyo are employed by companies such as Amazon, Kaiser Permanente, Amgen, AeroVironment Inc., Apple, The Walt Disney Co., UCLA Health, Los Angeles Rams, Riot Games, and TA Aerospace. The Sycamore Square, Sycamore Village, and Simi Valley Town Center shopping centers are within a short drive.
“Simi Valley’s strong demographics include average annual household income of $139,000, but with the median price of a single-family home at $863,000, home ownership is out of reach for many residents,” said Grabiec.
“The Landing at Arroyo is an excellent apartment community in a first-rate city and prime location,” added Geoff Brown, president of USA Properties Fund. “We are always evaluating our portfolio and are open to opportunities that make us an even stronger company and help pave the way for future projects.”
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