USA Properties Funds has completed the sale of The Landing at Arroyo, a multifamily property located in Simi Valley. The 212-unit community was sold for $95 million, equating to approximately $448,113 per unit, to a private multifamily investor.
The transaction was handled by Kevin Green, Joseph Grabiec, and Gregory Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, who represented both the seller and the buyer in the deal.
Built in 2022 on a 10-acre site, The Landing at Arroyo features seven apartment buildings, offering amenities such as a swimming pool, spa, game room, fitness center, coworking space, and centralized package lockers. Each apartment includes modern conveniences like washers and dryers, stainless steel appliances, quartz countertops, and stylish plumbing and lighting fixtures.
The property benefits from a prime location, situated between California State Route 118 and U.S. Highway 101, providing residents with easy access to employment hubs like Warner Center, Thousand Oaks, and Camarillo.
“This quintessential, low-density suburban core multifamily asset is poised for substantial growth in a severely underserved market with a flat development pipeline,” said Kevin Green, IPA’s executive managing director of investments. “In the last 25 years, only four other multifamily properties of 50 units or more have been delivered in Simi Valley, and just one market-rate property with 280 units is expected to be completed in the next five years.”
Current residents of The Landing at Arroyo are employed by major companies such as Amazon, Kaiser Permanente, Amgen, AeroVironment Inc., Apple, The Walt Disney Co., UCLA Health, Los Angeles Rams, Riot Games, and TA Aerospace. The property is also conveniently located near popular shopping centers like Sycamore Square, Sycamore Village, and Simi Valley Town Center.
“Simi Valley’s strong demographics include an average annual household income of $139,000, but with the median price of a single-family home at $863,000, homeownership is out of reach for many residents,” said Grabiec.
Geoff Brown, president of USA Properties Fund, added, “The Landing at Arroyo is an excellent apartment community in a first-rate city and prime location. We are always evaluating our portfolio and remain open to opportunities that make us a stronger company and pave the way for future projects.”
