Western National Buys 165 Units for $38M

CAMARILLO, CA-Western National Realty Advisors of Irvine, CA has acquired the 165-unit Alara Camarillo Apartments from a Los Angeles-based pension fund adviser for $38.1 million via its Western National Realty Fund II and has renamed the complex Allure at Camarillo. The sale represents the largest multifamily transaction in Camarillo since June 2009, and one of the largest transactions in Ventura County, according to listing brokers Dean Zander and Vince Norris of Hendricks & Partners.

Western National Group, which operates more than 23,500 apartments in over 155 properties throughout the Western US, plans to invest in minor upgrades to the property, which Archstone Communities developed in 2003. The complex is at 390 Paseo Camarillo, at Las Posas Road and the Ventura (101) Freeway.

The property comprises over 145,000 square feet of space in seven three-story buildings. Community amenities include a clubhouse and fitness center, a resort-style pool and spa with an outdoor fireplace and a grill area. Unit interiors feature side-by-side washer/dryers, nine-foot ceilings and central air.

Norris and Zander tell GlobeSt.com that they conducted nearly 20 property tours that generated 11 qualified offers from both private and institutional investors, "many of whom were attracted to the excellent location, age and size of this investment." With this sale, Norris said, "The process was very competitive, with a number of strong players."

Allure at Camarillo was over 95% leased at closing with strong fundamentals, and "an outstanding location, directly across from the Camarillo Premium Outlets and Camarillo Promenade," according to the Hendricks team. “The property sits in the heart of the best sub-market in the area. Residents have an abundance of local shopping including Old Town, and the Metrolink is located just minutes away,” added Zander.

The pair went on to say that in today’s supply-constrained market, the demand for core offerings like Allure at Camarillo will continue to attract a significant amount of investor interest. "With equity still outpacing available offerings, the market continues to see significant cap rate compression," Zander said.