Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has announced the sale of The Landing at Arroyo, a 212-unit multifamily property located in Simi Valley, California. The property was sold for $95 million, equating to $448,113 per unit.
“This low-density suburban multifamily asset is set for significant growth in a severely underserved market with minimal new development,” said Kevin Green, IPA Executive Managing Director of Investments. “In the past 25 years, only four multifamily properties with 50 or more units have been built in Simi Valley, and just one market-rate property with 280 units is expected in the next five years.” Green, along with IPA’s Joseph Grabiec and Gregory Harris, represented the seller, USA Properties Fund, and secured a private multifamily investor as the buyer.
“Simi Valley’s strong demographics, including an average annual household income of $139,000, contrast with a median single-family home price of $863,000, making home ownership unattainable for many,” said Grabiec. “The Landing at Arroyo is a top-tier apartment community in a premier city and prime location,” added Geoff Brown, President of USA Properties Fund. “We continually assess our portfolio for opportunities that strengthen our company and pave the way for future projects.”
Located between California State Route 118 and U.S. Highway 101, The Landing at Arroyo offers residents easy access to employment hubs in Warner Center, Thousand Oaks, and Camarillo. Residents are employed by major companies such as Amazon, Kaiser Permanente, Amgen, AeroVironment Inc., Apple, The Walt Disney Co., UCLA Health, Los Angeles Rams, Riot Games, and TA Aerospace. Nearby shopping centers include Sycamore Square, Sycamore Village, and Simi Valley Town Center.
Built in 2022 on a 10-acre site, The Landing at Arroyo features seven buildings, a swimming pool and spa, a game room, a fitness center, co-working spaces, and central package lockers. The apartments are equipped with washers and dryers, stainless steel appliances, quartz countertops, and designer plumbing and lighting fixtures.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
