Northmarq finalizes $87.3 million sale of 178-unit multifamily property located in Agoura Hills, California

LOS ANGELES, CALIFORNIA (September 13, 2022) --- Northmarq's Managing Directors Vince Norris, Jim Fisher, Mike Smith, and Bryan Schellinger, arranged the $87.3 million sale of The Lexington Agoura Hills to Intercontinental Real Estate Corporation (Intercontinental) and MG Properties (MGP). The 178-unit multifamily property (built in 1986) consists of 11 two-story buildings and is located at 30856 Agoura Hills, California. Northmarq represented the seller, The Ezralow Company. The sale comes off the heels of a strong second quarter for the greater Los Angeles investment sales market, according to Northmarq’s Market Insights report. With asking rents trending higher and the competition for existing properties heightened across the region, the Lexington is in a strong position to take advantage of the areas immediate growth potential. The sale represents the only Individual sale of a 100± unit property In Agoura's Hills in over five years. 

"Intercontinental and MGP saw the opportunity to purchase an extremely well performing asset with attractive assumable financing in an affluent market where virtually nothing trades," explained Norris. "Given the strong site level metrics and the high barriers to entry into the market, the Lexington provides affordable luxury-style living in an under supplied market."

One hundred percent of the unit interiors at The Lexington have been fully renovated and offer full size in suite washer/dryers, quartz countertops, and stainless-steel appliances. 

The property is situated in the Conejo Valley submarket between San Fernando Valley and Ventura, offering top-class schools, shopping and local amenities within a short distance. The median household income in the Conejo Valley (Thousand Oaks, Westlake Village, Oak Park, Agoura Hills) is over $100K. The Lexington is surrounded by three institutions of higher learning within less than 16 miles, as well as three shopping centers within 1.8 miles. Minutes from the 101 freeway residents are located in the middle of the thriving 101 technology corridor, a leading center for high-tech companies in the biotechnology, telecommunications, dot com, clean energy, and healthcare industries. Many area residents work along the Tech Corridor which stretches from Woodland Hills to the City of Ventura.

Community amenities include: Fully staffed leasing office, tennis and sport courts, fitness center, swimming pool, spa, BBQ/picnic area, high-speed internet access, and assigned garage parking. Apartment amenities include: Stainless steel refrigerator, microwave, gas range, washer/dryer with steam dry, central heat and air, private paio/balcony, vaulted second-floor ceilings, hardwood inspired floors, recessed lighting, large closets, designer cabinets and fixtures, built-in USB ports, quartz countertops, built-in desks, cable ready, kitchen pantry, linen closet, and a pet-friendly policy.