11/13/2007

California multi-family brings $42.57M

by

The Pavilion Apartments

San Mateo, Calif.-based APIP Pavilion LLC has acquired the Pavilion Apartments in Thousand Oaks, Calif., for $42.57 million from Pavilion Associates of Corona Del Mar.

Dean Zander of Hendricks & Partners brokered the deal.

The 142-unit complex, which is located at 550 North Laurie Lane, was built in 1967 on 8.88 acres of land. It was purchased at a 5.5 percent cap rate and is comprised of 26 two-story buildings. APIP Pavilion plans to invest in major upgrades to the property.

Hendricks & Partners has recently completed the sale of several multi-family properties in California, Arizona and Texas including the Tarzana Terrace Apartments, the Arts Apartments, the Tamarack Apartments, the Lindsay Palms and a four-property portfolio of University Apartments.

Address: 550 North Laurie Lane, Thousand Oaks, Calif.

Size: 142 units

Built: 1967

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Filed Under: Multi-Family

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