Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the $100 million sale of Cypress Point, a 268-unit multifamily property in Ventura, California. The transaction equates to $373,134 per unit.
Cypress Point is a low-density, value-add opportunity asset that had been owned and maintained by the original developer since 1990. The marketing strategy highlighted the asset’s unique value proposition, generating interest from every major value-add and core-plus fund in the multifamily marketplace.
This property is one of just four multifamily communities with 250 units or more to change hands in Ventura in the last 10 years. Its strong performance history includes an average occupancy over the last five years of 97.6%, underscoring its stability and appeal.
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