Dealmaker: Institutional Property Advisors Brokers $173M in Multifamily Sales

Institutional Property Advisors, Calabasas, Calif., closed multifamily property sales totaling $173 million in California and Connecticut.

In Oceanside, Calif., IPA sold 284-unit property Capella at Rancho del Oro for $110 million, or $387,324 per unit.

“The total sales price is the highest on record for an apartment transaction in Oceanside,” said Christopher Zorbas, IPA Executive Managing Director Of Investments. “This property was constructed in 2001 and due to limited opportunities along the 78 corridor, investors have adjusted their underwriting criteria to be more competitive as most of the market is 1960s, 1970s and 1980s garden walk-ups.”

Zorbas, Vice President Tyler Martin and Executive Managing Director of Investments Alexander Garcia Jr. represented seller FPA Multifamily, San Francisco, and procured buyer Property West Residential, Oceanside.

The sale marked the team’s second large multifamily closing in Oceanside this quarter. On July 19, Zorbas, Garcia and Martin sold The Dylan, a 208-unit apartment property on Los Arbolitos Boulevard in Oceanside for $74.1 million.

IPA also sold The Preserve at Great Pond, a newly constructed 230-unit apartment property in Windsor, Conn. The property changed hands for $63 million. IPA Executive Managing Directors Victor Nolletti, Eric Pentore and Wes Klockner represented seller Eastpointe Great Pond Owner LLC and procured buyer Preserve Ventures LLC.

Completed last year on 12 acres, The Preserve at Great Pond has a mix of studios, one-, two- and three-bedroom units located 10 miles from Bradley International Airport.