Thousand Oaks apartments sold after 20 years’ ownership

'Major upgrades' planned

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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. ...