AGOURA HILLS, CA—Multifamily values seem to beon the rise in the Conejo Valley. This week, 467 La PeerInc., a private investor, purchased a five-unitmultifamily property from Investwest LLC, abuilder, for a record-breaking $466,000 per unit, the highestper-unit price ever paid in the Conejo Valley. The sale transactiongarnered high interest with eight total offers all within 10% offthe asking price.

Located at 5310 Colodny Drive in Agoura Hills, the property wasrecently constructed and fully occupied at the time of the sale.New construction properties are sparse in thisparticular submarket of the Conejo Valley, mainly because residentsoppose larger scale development. The new construction in the ConejoValley, which is only about 380 market-rate units, is mostlylocated in Oxnard and Camarillo, which also has an active office market. As a result, the apartmentsupply in this submarket is extremely limited with vacanciesexpected to hit 2.5% by the end of the year.

John Battle, SIOR, a principal of Lee& Associates-LA North/Ventura and Lee & Associatesbroker Matt Benwitt represented both the buyer andthe seller in the transaction. According to Battle, in addition tothe tight supply, the property generated high interest because itwas built to condo specifications and of extremely high quality.The total sale price of the property was $2.3 million. We reachedout to Battle and Benwitt for additional information, but did notrecieve a response before publication of this story.