The property, which is located off Las Virgenes Road and close to the Calabasas Commons retail center, was completed in 1988 and was 98% occupied at the time of the sale.
Mary Ann King of Moran & Co. says the property drew strong interest from investors because of its tax-exempt financing, which includes $44 million in variable rate, tax exempt bonds. King and Scott Davis, both of the Costa Mesa office of Moran & Co., brokered the transaction, which is one of a number of large institutional sales that the two Moran & Co. apartment specialists have brokered in recent years.
Values have risen to the point that developers can no longer afford land in the area, King notes, so the lack of supply, combined with intense demand for the Malibu Meadows location, should ensure healthy rent growth well into the future.
Dennis Cavallari, an SVP with Legacy Partners in Irvine, notes that the Malibu Meadows property generated a great deal of investor interest because of its location in Calabasas, one of Los Angeles County's most exclusive residential areas, and because Malibu Meadows is one of only two major apartment communities in Calabasas, both of which were built in the late 1980s.
The property is situated in a 52-acre, garden-style setting in two-story, walk-up units. The 600 units in the Malibu Meadows complex include 296 one-bedrooms and 304 two-bedrooms. In addition to conventional apartments its 600 units include 112 premium loft units. The lofts feature spiral staircases, 18-ft ceilings, and a set of three clerestory windows. The property's common area amenities including two pool and spa areas; picnic areas; five lighted tennis courts; two indoor racquetball courts; a sand volleyball court; a basketball court; and a state-of-the-art fitness center.
Legacy Partners, based in Foster City, manages and develops a portfolio valued in excess of $4 billion of commercial properties and multifamily communities.
Archstone-Smith, based in Denver, is one of the nation's largest owners, operators, developers and acquirers of apartments, with a portfolio of garden-style and high-rise apartment properties in major metropolitan areas across the country.
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