Private real estate investment firm IMT Capital has purchased Townhomes of Westlake Village, a 253-unit townhouse and apartment complex in Ventura County, California for $68.5 million (€44 million). The seller was Wilshire Equities.
The Los Angeles-based firm also committed an additional $3 million in upgrades for the property, located on more than 13 acres at 603 Hampshire Road in Westlake Village.
The acquisition – IMT’s latest investment in the Southern California multifamily market – is “an excellent example of our fundamental value-add strategy,” Cory Thabit, IMT Capital managing director said in a statement. The deal also marks the firm’s foray into the Ventura County area. Thabit added that the “long term growth prospects are outstanding.”
IMT Capital closed its $350 million private equity real estate vehicle last year, IMT Capital Fund, targeting undervalued multi-family properties in the US. The firm focuses on US multi-family markets including California, Arizona, Texas and Florida.