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THOUSAND OAKS, CA-Archstone-Smith of Denver has acquired a 191-unit complex called Oakwood Village that is 100% occupied for $46 million and plans upgrades to the property in a value-added play, according to Lee & Associates. Jim Fisher and Craig Stevens, principals in the Sherman Oaks office of Lee & Associates, report that the Denver-based company acquired the Oakwood Village complex from La Jolla-based Gaines Investment Trust.

The property, at 491 Gainsborough Rd., consists of units ranging from one to three bedrooms and averaging 1,000 sf. Amenities include a fitness center, a clubhouse, a swimming pool, a spa, five laundry facilities, a partially covered parking lot and private balconies and patios.

Oakwood Village comprises 18 buildings and sits on 8.5 acres. According to Fisher, Archstone-Smith plans to rehabilitate the units over time with a luxury package including granite countertops, stainless steel appliances, washer-dryer hook-ups and other amenities.

Archstone-Smith has renamed the property Archstone Thousand Oaks Crest, according to the company’s web site, which notes the location of the complex near the 101 and 23 freeways and close to the Oaks Mall. The Denver-based buyer acquired the complex to expand its portfolio in Southern California, Fisher notes.

Southern California has long been the second-largest market for Archstone-Smith, behind the Washington, DC market. Southern California represents approximately 26% of the company’s portfolio, according to the firm’s 2006 annual report. In addition to Thousand Oaks, the company has acquired or developed assets in Santa Monica, Marina Del Rey, La Jolla, Pasadena and Playa Del Rey.

Archstone-Smith is one of a number of institutional investors who have shown increasing interest in growing suburban Los Angeles markets like Thousand Oaks in recent years. In one of the submarket’s largest deals in recent years, investors last year acquired 672 units in a transaction including the Knolls Apartments and Westlake Canyon Apartments.

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