Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division closed the sale of IMT Thousand Oaks, a 191-unit multifamily community in Thousand Oaks, California. The $67 million sales price equates to more than $350,000 per unit.

“The acquisition provided the buyer with the opportunity to enter a highly coveted market supported by the city’s strong submarket fundamentals, lack of new multifamily supply and high cost of ownership in meaningful scale,” said IPA executive director Greg Harris.

Harris, and IPA senior directors Kevin Green and Joseph Grabiec, represented the seller, IMT Capital LLC. The buyer is an affiliate of Pacific Urban Residential.

“The property benefits from Thousand Oaks’ strong public school ratings, low unemployment and low apartment vacancy,” added Green. “Plus, the city’s business-friendly environment and proximity to major employment centers along the 101 corridor will continue to attract growth and foster economic prosperity.”

The asset is located at 491 West Gainsborough Road along U.S. Highway 101 with proximity to companies such as Amgen, General Dynamics Corp., Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, Audi, Kythera Biopharmaceuticals and the Dole Food Co.

Built in 1973, IMT Thousand Oaks is a garden-style community of one-, two-, and three-bedroom floorplans with large private patios or balconies. Community amenities include an on-site business center, a pet park, and a swimming pool with cabanas.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA)division closed the sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, California. The $60,250,000 sales price equates to nearly $290,000 per unit. The asset had been owned and operated by a local family office since 1974.

“Originally constructed in 1970 and impeccably maintained by previous ownership, Casa Monterrey Apartment Homes has undergone over $4.2 million in upgrades since 2007, and yet the opportunity remains to elevate the standard of rental living via targeted interior and community enhancements,” said Joseph Berkson, Marcus & Millichap first vice president investments.

“The rare opportunity to acquire an institutionally sized multifamily asset in coastal Orange County with a value-add component, allowed us to generate significant interest in the offering from a wide range of investor profiles,” added Stewart I. Weston, IPA executive director.

Berkson and Weston, along with Christopher Zorbas, IPA senior director, Alexander Garcia, Jr., IPA senior director, David Sperling, IPA director, and John Montakab, IPA associate director, represented the seller, and procured the buyer, Saratoga Capital Inc.

Located on the corner of Warner Avenue and Edwards Street in Huntington Beach, the apartment community is just minutes from the region’s major employment centers, high-profile retail destinations, and renowned beaches.

Marcus & Millichap (NYSE: MMI) today announced the sale of a four-property, 652-unit multifamily portfolio in Tampa, Florida. The $30,025,000 sales price equates to more than $46,000 per unit.

“The acquisition is an excellent opportunity for the new owner to realize outsized returns through stabilization and continued strategic renovations,” said Michael Donaldson, vice president investments in Marcus & Millichap’s Tampa office.

Donaldson and Nicholas Meoli, also a vice president investments in Tampa, represented the seller and procured the buyer.

“The properties are located within the University and Temple Terrace submarkets, which have experienced strong occupancy and rent growth over the last few years,” said Meoli.

The communities that were part of the sale include: Palm River Apartments, 70 units built in 1985; Laurel Chase, 122 units built in 1968; Rivertree Landing, 228 units built in 1974; and Puritan Place, 232 units built in 1974.

Marcus & Millichap (NYSE:MMI), today announced the sale of one of Tampa, Florida’s most distinguished architectural landmarks, The Mirasol, a luxury 58-unit apartment community. The property sold for $10,375,000, which equates to approximately $180,000 per unit.

“The Mirasol has been one of Davis Islands’ most elegant landmarks and Tampa Bay’s crowning property for more than 90 years,” says Frank Carriera, first vice president investments in Marcus & Millichap’s Tampa office. “The asset is also well-positioned for long-term stability and growth as the Davis Islands neighborhood, which has effectively been built-out since the 1950s, has the distinction of being one of the area’s most desirable places to live and having the highest occupancy.”

Carriera, along with Michael Regan, first vice president investments, Michael Donaldson and Nicholas Meoli, vice presidents investments, all in Tampa, represented the seller, and procured the buyer, a local multifamily investor.

“With the collective efforts of the listing team, we generated an incredible amount of national and international exposure for this one-of-a-kind opportunity,” notes Meoli.

The landmark property is located at 84 Davis Blvd., less than one mile from downtown Tampa, and minutes from Channelside Drive and Ybor City. The unique waterfront location surrounds an entire canal basin that provides direct access to Hillsborough Bay.

Built in 1925 as luxury hotel, the Mediterranean Revival-style Mirasol was converted to apartments in 1962. The property features a seven-story building with two complementary three-story wings, two detached one-story buildings and a 15-slip marina that accommodates 30-foot to 50-foot vessels. The main building’s interior features a grand lobby, pointed Venetian archways and original Mediterranean-influenced finishes, including dramatic ceiling woodwork, Gothic-inspired French doors and windows, and original chandeliers. Community amenities include a swimming pool overlooking the marina, a three-tiered back patio and a covered waterfront pavilion that stretches along the canal basin’s southern seawall.

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Montage Apartments, a 636-unit garden-style multifamily community located in Citrus Heights, California. The $74 million sales price equates to more than $116,000 per unit.

“Sacramento MSA’s strong economic fundamentals are encouraging multifamily property investors,” said Stan Jones, IPA executive director. “Job and population growth are expected to more than double the pace of the national average during the next six years. Private sector growth has been especially strong during the past 10 years, and in the last five years alone, more than 86,000 private sector jobs have been added to the local economy.”

Jones, together with IPA executive directors Philip Saglimbeni and Salvatore Saglimbeni, represented the seller, FPA Multifamily LLC, and procured the buyer, JRK Investors Inc.

“Previous ownership invested more than $7 million in Montage Apartments in order to beautify the community and differentiate it from the competitive set,” added Philip Saglimbeni. “Over $3.5 million was invested in systematic unit interior renovations spread across more than 500 units, which has resulted in an approximate 27 percent return on invested capital.”

Marcus & Millichap’s Kenneth N. Blomsterberg, first vice president investments, Tony DeLoney, associate, and Spencer Moyer, associate, assisted in the transaction.

Built in 1987 on 28.7 acres at 12801 Fair Oaks Blvd. in Citrus Heights, the property is 17 miles from California’s state capitol and Sacramento’s central business district. There are more than 285,000 jobs and a working population with over $83,000 in average annual household income within 10 miles of the community. The Sunrise Mall, Marketplace at Birdcage and Citrus Town Center shopping areas are all under two miles away.

About Marcus & Millichap (NYSE: MMI)

Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community in Boca Raton. The $77 million sales price equates to nearly $214,000 per unit.

“Built in 1995 by Altman Development Corp., Arbor Oaks has a market-leading amenity package, an ideal site layout and outstanding design features that maximize lake views,” says Steve Witten, an executive director of IPA’s Northeast and Florida team.

“Multifamily properties in Boca Raton’s rental market with extensively updated interiors are in high demand,” adds Still Hunter III, an executive director of IPA’s Northeast and Florida team. “The prior owner of Arbor Oaks Apartments updated many units at various levels, and the new owner has a great opportunity to enhance value by continuing to improve the updated units and bring the remaining apartments to a high standard.”

Hunter, Witten and Victor Nolletti, also an IPA executive director, represented the seller and procured the buyer.

“The community has a density of less than 14 units per acre, which gives it an inviting, neighborhood feel,” said Hunter. “Prohibitive land costs and lack of available sites make it impossible to duplicate.”

Arbor Oaks Apartments is a gated community with 18 residential buildings and a clubhouse that surround a lake. The property features a mix of one-, two- and three-bedroom apartments, including flats and townhomes. The average unit size is 1,105 square feet.

With frontage on U.S. 441, the property is located at 9817 Arbor Oaks Lane in the western part of Boca Raton. There is about 1.8 million square feet of retail space and 20 restaurants within a mile of the c