Marcus & Millichap’s Institutional Property Advisors brokers $95 million multifamily apartment sale in Greater Los Angeles

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), today announced the sale of The Landing at Arroyo, a 212-unit multifamily property in Simi Valley, California. The property traded for $95 million, or $448,113 per unit.

“This quintessential, low-density suburban core multifamily asset is poised for significant growth in a severely underserved market with a flat development pipeline,” said Kevin Green, IPA executive managing director of investments. “In the past 25 years, only four other multifamily properties of 50 units or larger have been completed in Simi Valley, and only one market-rate home with a total of 280 units is expected to be completed in the city in the next five years.” Green and IPA’s Joseph Grabiec and Gregory Harris represented the seller, USA Properties Fund, and recruited the buyer, a private multifamily investor.