IMT's $350 million private equity fund enables it to takeadvantage of today's troubled credit markets by paying all cash andclosing quickly, which gave the Sherman Oaks based investor anadvantage over its competition, Zander says.Zander, who was thelisting agent for the property, generated offers from privatecompanies and numerous regional and national operators. The37-year-old property at 603 Hampshire Rd. is "the best of its classin the highly desirable Ventura County submarket," Zander says.

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Townhomes of Westlake Village, situated on 13.7 acres just southof the 101 Freeway, features one-, two- and three-bedroom unitsmeasuring from 730 sf to 1,756 sf. Fifty of the units are townhomestyle, and most had been renovated by the long-term owner withupgrades including in-unit washer/dryers, corian countertops andnew cabinetry. Common area amenities include tennis courts, threepools, fitness center, clubhouse, volleyball court and more. Thein-place rents range from $1,235 to $2,210 per unit.

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According to Cory Thabit, managing director of IMT Capital, theproperty represents an opportunity for IMT to execute a value-addstrategy through physical renovation and more professionalmanagement. He says that the property gives IMT the foothold it haslong desired in the Ventura County submarket.

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Zander, who brought Townhomes of Westlake Village to market at a$75-million asking price, says that the selling price "reflects arealistic adjustment in response to today's capital markets." Hecomments that the buyer, "recognized an amazing opportunity topurchase an institutional-sized asset with a genuine value-addcomponent in an excellent location." The seller "was aware oftoday's underwriting and fundamentals, and reacted accordingly,"Zander says.

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Wilshire Equities had owned the property for nearly 30 years;Zander sold the seller's only other Southern California apartmentbuilding, Pavilion in Thousand Oaks, in November 2007 for nearly$43 million. "Even considering employment reductions at Amgen andCountrywide, this location along the tech corridor of the VenturaFreeway continues to demonstrate strong employment coupled withextremely unaffordable single-family housing options," Zanderexplains. He calls the property "an irreplaceable asset in an A+location.

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