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THOUSAND OAKS, CA-New owners have secured $100 million in acquisition funding for the purchase of the Knolls Apartments and Westlake Canyon Apartments in a financing arranged by Newmark Realty Capital Inc. Knolls Apartments Investor LLC and Westlake/Canyon Apartments Investor LLC acquired the two complexes, which comprise 672 units, in a direct deal between the buyers and the seller, a private investment group.

Principal Mark Ritchie of Newmark Realty Capital tells GlobeSt.com that the two complexes were nearly 100% occupied at the time the loan closed. The lender was TIAA-CREF, which provided a 10-year loan at what Ritchie calls “a very competitive rate.”

The two properties comprise 38 buildings at the Knolls and 13 at the Westlake Canyon property, both of which were built in the early 1990s and are undergoing renovations that were started under the previous ownership. Ritchie describes the properties as “core institutional product” that has benefited from development in the area, where a master-planned community has grown up around the apartment complexes.

The properties feature a range of amenities including pools, a fitness center, a clubhouse, tennis and racquetball courts and spas. They are designed in a relatively low-density layout of two- and three-story buildings consisting primarily of one- and two-bedroom apartments.

The overall apartment occupancy rate in the Thousand Oaks apartment market stood at 96% in the latest quarterly report from Novato-based RealFacts, which tracks market-rate rental communities of 100 units and larger, covering markets in 15 states. RealFacts listed the area as one of its “perfect balance” markets, which it defines as markets where the average rent increases average between 5% and 6% while the occupancy remains at 94% or higher.

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