Thousand Oaks apartments sold after 20 years' ownership

A limited liability company recently paid approximately $42.6 million for a large apartment community in Thousand Oaks, Calif.

Pavilion Apartments, purchased from Pavilion Associates by APIP Pavilion LLC, comprises 142 units in 26 two-story buildings at 550 North Laurie Lane. Constructed in 1967, the property is situated on 8.8 acres and features one-, two-, and three-bedroom floor plans ranging up to 1,600 square feet. Amenities include a two-story clubhouse with large fitness center, two pools and a spa.

The buyer plans "major upgrades to the common areas and unit interiors," according to a press statement, which also noted that the seller had owned the property for more than 20 years.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.