Dealmaker: Intercontinental Real Estate Corp., MG Properties Acquire California Multifamily for $88M

Intercontinental Real Estate Corp., Boston, and MG Properties, San Diego, acquired The Lexington Apartments in Agoura Hills, Calif. for $87.3 million.

Built in 1986, The Lexington offers 178 one- and two-bedroom apartment homes housed in 11 two-story buildings at 30856 Agoura Road. The seller renovated all units over the past five years.

Agoura Hills sits in the Conejo Valley, an affluent region 35 miles west of downtown Los Angeles that includes Oak Park, Westlake Village, Newbury Park and Thousand Oaks. 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, Senior Director of Acquisitions with Intercontinental. “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.”

Real Capital Analytics, New York, reported the trade represented the largest multifamily transaction by unit size in Agoura Hills in the past 10 years. During that time only five apartment communities with 100-plus units have traded in the Conejo Valley.