Intercontinental Real Estate Corporation in joint venture with MG Properties has acquired The Lexington Apartments, a 178-unit apartment community in the Southern California community of Agoura Hills for $87.3 million. 

Built in 1986, The Lexington offers a unit mix of one- and two-bedroom apartment homes housed in 11 two-story residential buildings on a 15-acre-site at 30856 Agoura Road.   100% of the unit interiors have been renovated over the past five years by the seller.

Agoura Hills is in the heart of the Conejo Valley, an affluent region 35 miles west of Downtown Los Angeles and encompassing northwest Los Angeles County and southeast Ventura County. It includes the cities of Agoura Hills, Oak Park, Westlake Village, Newbury Park and Thousand Oaks.   The area has been a magnet for families wanting to benefit from the strong school systems, vigorous park and outdoor recreational programs and growing regional economy.   Amgen, Teradyne, Dole Foods, JD Power, Farmers Insurance and the Los Angeles Rams all have regional or corporate headquarters in the Conejo Valley.  

“More than 80 percent of the housing stock in Agoura Hills is single family housing,” said Jessica Levin, Intercontinental’s Senior Director, Acquisitions out of the Boston-based firm’s Los Angeles office.  “With median home prices of nearly $1.2 million, and a limited multifamily inventory with very little in the pipeline, Agoura Hills can arguably be considered one of the strongest and most stable suburban multifamily markets in the greater Los Angeles area.” 

According to the Southern California Association of Governments, there are only 1,249 multifamily units in Agoura Hills, with less than 500 units built since 2000.  

“The opportunity to acquire a first-to-lease community in this desirable suburban neighborhood is extremely rare, especially one of this size,” added Levin. 

The Lexington is the largest multifamily transaction by unit size in Agoura Hills in the past 10 years according to Real Capital Analytics.   During that time only five apartment communities with 100 or more units have traded hands in all of the Conejo Valley.   

Together, the joint venture has a 3,200-unit multifamily portfolio consisting of eight communities in first and second ring suburban markets outside of Los Angeles, Denver, Phoenix, Portland, San Diego and the Bay Area.  In February, the joint venture acquired a 394-unit garden-style multifamily community in the Denver submarket of Aurora, CO for $143 million.  

“The Lexington is a unique asset that is well positioned to benefit from a recovery in the L.A. region.  We are excited to expand our joint venture with Intercontinental and pleased to add to our portfolio’s operating scale in the region.” added Jeff Gleiberman, MG Properties’ President.  

The Northmarq team of Vince Norris, Jim Fisher, Mike Smith and Bryan Schellinger marketed the property on behalf of the seller, a Calabasas, CA-based real estate development and investment firm.

Intercontinental Real Estate Corporation (“Intercontinental”) in joint venture with MG Properties has acquired Stone Cliff Apartments, a 394-unit garden-style multifamily community in the Denver submarket of Aurora, CO for $143 million.

This is the second significant real estate acquisition in Denver for Intercontinental in the past five months, adding to their existing Denver footprint. Intercontinental, whose portfolio includes 30.7 million square feet of commercial and industrial space, and more than 13,000 multifamily units across the United States, acquired a 147,000-square-foot-warehouse and distribution facility in Denver late last year. The firm plans to aggressively target additional investments, according to Jessica Levin, Intercontinental’s Senior Director, Acquisitions.

“Denver and its submarkets are experiencing significant job growth caused by an influx of major employers, a trend we see continuing over the long-term,” Levin said. “The strength and diversity of the economy are key drivers of our continued investment appetite in the Denver MSA.”

Built in 2000, Stone Cliff is located at 17886 E Greenwood Dr. on a low density 26-acre-site approximately 20 miles southeast of downtown Denver. The community’s one, two, and three bedroom units are housed in 21 three-story walk-up apartment buildings on 26-acre site. Common area amenities include a fitness center, resort-style pool and spa, a dog park with pet wash area, outdoor grilling areas, business center and TV lounge.  

Intercontinental will infuse fresh capital into the property, renovating unit interiors to maintain and enhance the community’s competitive position in the marketplace.

“Stone Cliff’s proximity to a sizeable base of employers across several industries, convenient access to retail and nearby recreational amenities were among the locational qualities that attracted us to the investment,” said Allen Logue, Director, Acquisitions at Intercontinental. “We are diligently working to expand our multifamily portfolio in Denver. Stone Cliff’s physical and locational qualities, combined with Aurora’s strong demand and supply fundamentals, are an ideal fit with our investment objectives.”

Despite population growth of 17 percent over the last decade there have only been five multifamily projects delivered within a three-mile radius of Stone Cliff, according to JLL’s Denver Multi Housing Team, which marketed the property on behalf of the seller.  Members of the team included Jordan Robbins, Pamela Koster, Jacob Frishman, Christ Hart and Shea Conway. 

“Stone Cliff’s location, vintage and recent strong performance put it at the top of our target list.  Also, coming off a very active year and recently closing with both the seller and broker helped secure the transaction in the current competitive market.” said Jeff Gleiberman, MG Properties’ Managing Director. 

This is the seventh time that Intercontinental and MG Properties have partnered on an acquisition and will bring the total of Intercontinental and MG Properties’ portfolio together to 3,000 units.

Intercontinental Real Estate Corporation (“Intercontinental”) has acquired Garden Grove Apartments, a 376-unit garden-style apartment complex in Tempe, AZ for $126 million. The acquisition marks Intercontinental’s fifth acquisition in Phoenix.

Garden Grove Apartments is located at 900 W. Grove Parkway in the South Tempe neighborhood of Phoenix, 13-miles southeast of Downtown and five miles south of Arizona State University’s main campus.  The community’s one- and two-bedroom units are housed in 20, two- and three-story walk-up apartment buildings on a low-density 14-acre site.   The highly amenitized community includes a club house with kitchen and gaming lounge, movie theater and package receiving lockers.  Located throughout the grounds are three resort-style pools spas, each with water features, private cabanas, poolside lounges and fire pits. 

Intercontinental intends to infuse fresh capital into the property, renovating unit interiors, and improving exterior and common areas to enhance the community’s competitive position in the marketplace. 

“Phoenix has exhibited strong job and population growth trends. The combination of the Property’s intrinsic qualities and Phoenix’s projected future growth prospects make Garden Grove an attractive opportunity to expand Intercontinental’s presence in the market,” said Intercontinental’s Senior Director, Acquisitions, Jessica Levin.

“Those migrating to Phoenix for its relative affordability and employment opportunities, are finding a limited supply of multifamily housing that meets the demands of today’s renter,” added Intercontinental’s Director, Acquisitions, Allen Logue.  “While Garden Grove already benefits from its central infill location, spacious unit interiors and superior amenities, once renovations are complete, Garden Grove is poised to be one of the most desirable multifamily properties in the market.” 

Since 2010, only eight communities have been built in a 29-square mile area, and only two multifamily communities within three miles of Garden Grove, according to CBRE Vice Chairman Tyler Anderson, who along with Sean Cunningham, Asher Gunter and Matt Pesch, marketed the opportunity on behalf of the seller.

Intercontinental Real Estate Corporation (“Intercontinental”) has acquired Garden Grove Apartments, a 376-unit garden-style apartment complex in Tempe, AZ for $126 million. The acquisition marks Intercontinental’s fifth acquisition in Phoenix.

Garden Grove Apartments is located at 900 W. Grove Parkway in the South Tempe neighborhood of Phoenix, 13-miles southeast of Downtown and five miles south of Arizona State University’s main campus.  The community’s one- and two-bedroom units are housed in 20, two- and three-story walk-up apartment buildings on a low-density 14-acre site.   The highly amenitized community includes a club house with kitchen and gaming lounge, movie theater and package receiving lockers.  Located throughout the grounds are three resort-style pools spas, each with water features, private cabanas, poolside lounges and fire pits. 

Intercontinental intends to infuse fresh capital into the property, renovating unit interiors, and improving exterior and common areas to enhance the community’s competitive position in the marketplace. 

“Phoenix has exhibited strong job and population growth trends. The combination of the Property’s intrinsic qualities and Phoenix’s projected future growth prospects make Garden Grove an attractive opportunity to expand Intercontinental’s presence in the market,” said Intercontinental’s Senior Director, Acquisitions, Jessica Levin.

“Those migrating to Phoenix for its relative affordability and employment opportunities, are finding a limited supply of multifamily housing that meets the demands of today’s renter,” added Intercontinental’s Director, Acquisitions, Allen Logue.  “While Garden Grove already benefits from its central infill location, spacious unit interiors and superior amenities, once renovations are complete, Garden Grove is poised to be one of the most desirable multifamily properties in the market.” 

Since 2010, only eight communities have been built in a 29-square mile area, and only two multifamily communities within three miles of Garden Grove, according to CBRE Vice Chairman Tyler Anderson, who along with Sean Cunningham, Asher Gunter and Matt Pesch, marketed the opportunity on behalf of the seller.

Intercontinental Real Estate Corporation (“Intercontinental”) has acquired Garden Grove Apartments, a 376-unit garden-style apartment complex in Tempe, AZ for $126 million. The acquisition marks Intercontinental’s fifth acquisition in Phoenix.

Garden Grove Apartments is located at 900 W. Grove Parkway in the South Tempe neighborhood of Phoenix, 13-miles southeast of Downtown and five miles south of Arizona State University’s main campus.  The community’s one- and two-bedroom units are housed in 20, two- and three-story walk-up apartment buildings on a low-density 14-acre site.   The highly amenitized community includes a club house with kitchen and gaming lounge, movie theater and package receiving lockers.  Located throughout the grounds are three resort-style pools spas, each with water features, private cabanas, poolside lounges and fire pits. 

Intercontinental intends to infuse fresh capital into the property, renovating unit interiors, and improving exterior and common areas to enhance the community’s competitive position in the marketplace. 

“Phoenix has exhibited strong job and population growth trends. The combination of the Property’s intrinsic qualities and Phoenix’s projected future growth prospects make Garden Grove an attractive opportunity to expand Intercontinental’s presence in the market,” said Intercontinental’s Senior Director, Acquisitions, Jessica Levin.

“Those migrating to Phoenix for its relative affordability and employment opportunities, are finding a limited supply of multifamily housing that meets the demands of today’s renter,” added Intercontinental’s Director, Acquisitions, Allen Logue.  “While Garden Grove already benefits from its central infill location, spacious unit interiors and superior amenities, once renovations are complete, Garden Grove is poised to be one of the most desirable multifamily properties in the market.” 

Since 2010, only eight communities have been built in a 29-square mile area, and only two multifamily communities within three miles of Garden Grove, according to CBRE Vice Chairman Tyler Anderson, who along with Sean Cunningham, Asher Gunter and Matt Pesch, marketed the opportunity on behalf of the seller.

Intercontinental Real Estate Corporation (“Intercontinental”) in joint venture with Security Properties have acquired Broadleaf Apartments, a 244-unit Class B+ garden-style apartment community located in the Pocket neighborhood of Sacramento, CA. 

The off-market transaction represents a recapitalization of the 11-acre gated community which was originally acquired in 2019 by Security Properties, a Seattle-based multifamily development and investment firm, which will continue as operating partner in the new joint venture with Intercontinental. 

For Intercontinental, whose portfolio includes 29 million square feet of commercial and industrial space and more than 12,000 multifamily units across the United States, Broadleaf represents the firm’s entry into the Sacramento market, according to Jessica Levin, Senior Director, Acquisitions with Intercontinental.  

“Sacramento has been the beneficiary of renter migration from the more expensive Bay Area markets and while new, more expensive product is being delivered to the market, it is not keeping up with demand,” said Levin.   

Constructed in 2006, Broadleaf’s one- and two-bedroom apartment homes are housed in 11 two- and three-story residential buildings that surround a 5,200 square-foot clubhouse and resort style pool and spa.   Apartment homes range in size from 790 – 1,240 square feet and boast an above-market average unit size of 1,041 square feet.  Each unit features nine-foot ceilings and dedicated in-unit laundry rooms. Common area amenities include a fitness center, game room, fireside lounge, picnic area with grill, children’s playground and community garden. 

“Sacramento has been on our radar for quite some time,” added Intercontinental’s Director of Acquisitions, Allen Logue. “Broadleaf is located in the desirable infill Pocket neighborhood of Sacramento. The location’s proximity to employment nodes, transportation arterials and amenities make this investment an ideal fit for our investment strategy.” 

“Sacramento continues to be a target market for us and so it was important that we keep an asset with the quality of Broadleaf in the portfolio,” said Davis Vaughn, Senior Director at Security Properties.  “By partnering with Intercontinental, we were able to successfully realize gains for our existing investors, while still maintaining our footprint in a growth market.” 

The property was 96 percent leased at the time of closing.