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CAMARILLO, CA-American Realty Advisors of Glendale has acquired the 165-unit Camarillo Apartments from an affiliate of the Archstone-Smith Trust, which developed the property, for $35.5 million. The property is at 390 Paseo Camarillo, just north of the 101 Freeway, in Ventura County.Ron Harris of the Los Angeles office of Marcus & Millichap, who brokered the sale along with Stan Jones of the Palo Alto office of Marcus & Millichap, tells GlobeSt.com that the complex is a class A, institutional quality property that is fully amenitized and represents the type of core asset that institutional buyers are seeking in today’s market. Archstone-Smith, a Denver-based REIT, developed the complex in 2003 and brought it to 95% occupancy at the time of the sale to American Realty Advisors. The acquisition follows other multifamily buys by American Realty, which has acquired other institutional grade properties of late and manages a $1.7-billion portfolio nationwide. American Realty Advisors has also announced this year that it plans to place $400 million of all cash equity capital in institutional grade properties during 2004.Harris points out that in the Camarillo acquisition, the buyer acquired an asset with excellent long-term potential, both because of its quality and because of its location in a market with relatively high barriers to entry.The 165 units at the Camarillo Apartments comprise 93 one-bedroom, one-bath apartments and 72 two-bedroom, two-bath units in seven three-story buildings on a parcel of more than 6.2 acres. The one bedrooms average 720 sf and the two bedrooms 1,028 sf, with rents that average $1,483 for the one-bedroom units and $1,776 for the two-bedroom units.

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