Ventura’s Cypress Point Apartments Sold for $100 Million
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Institutional Property Advisors, a division of Calabasas-based Marcus & Millichap, reported the $100-million sale of Cypress Point, a 268-unit apartment building in Ventura. The transaction equates to $373,000 per unit.
“Cypress Point is a low-density, value-add opportunity asset that had been owned and maintained by the original developer since 1990,” said Kevin Green, IPA executive managing director, in a statement. “Our marketing strategy highlighted the asset’s unique value proposition, generating interest from every major value-add and core-plus fund in the multifamily marketplace.” It is one of just four apartment communities with 250 units or more to change hands in Ventura in the last 10 years. Its strong performance history includes average occupancy over the last five years of 97.6%, according to Joseph Grabiec, IPA executive managing director.
Green, Grabiec, and Gregory Harris of IPA represented the seller, County Center LP, and worked with the buyer, Raintree Partners.
Originally built in 1990 on 14 acres, Cypress Point has 28 two-story apartment buildings, a barbecue and picnic area, fitness center, clubhouse and covered parking. First-floor units feature nine-foot ceilings, and second-floor units have up to 12-foot vaulted ceilings. All apartments have extra storage, dishwashers, large closets and window coverings.
Information for this article was sourced from Institutional Property Advisors.
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