Intercontinental Real Estate Corp. and MG Properties Buy 178-Unit Apartment Community
The Lexington offers a mix of one- and two-bedroom apartment homes in 11 two-story residential buildings on a 15-acre site.
AGOURA HILLS, CA–Intercontinental Real Estate Corp., in joint venture with MG Properties, has acquired The Lexington Apartments, a 178-unit apartment community in the Southern California community of Agoura Hills for $87.3 million from a Calabasas-based real estate development and investment firm.
Built in 1986, The Lexington offers a mix of one- and two-bedroom apartment homes in 11 two-story residential buildings on a 15-acre site at 30856 Agoura Road. The seller has renovated 100% of the unit interiors have been renovated over the past five years.
Agoura Hills is in the Conejo Valley, 35 miles west of Downtown Los Angeles and encompassing northwest Los Angeles County and southeast Ventura County. It includes Agoura Hills, 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.
The joint venture has a 3,200-unit multifamily portfolio consisting of eight communities in first- and second-ring suburban markets outside of Los Angeles, Denver, Phoenix, Portland, San Diego and the Bay Area. In February, the joint venture acquired a 394-unit garden-style multifamily community in the Denver submarket of Aurora, CO for $143 million.