Newmark Arranges Sale of The Hills in Thousand Oaks for $18.2 Million

March 27, 2025 9:00 AM

Newmark announces the company arranged the $18.2 million sale of The Hills, a 52-unit multifamily property located at 850 Warwick Avenue in Thousand Oaks, California. Newmark Vice Chairman Dean Zander, Senior Managing Director Chris Benton, Managing Director Anthony Muhlstein and Senior Financial Analyst Gabe Munson represented the seller, Interstate Equities Corporation. The buyer was FPA Multifamily.

The property was built in 1973, with large apartments that average nearly 1,000 square feet. With 37 of the 52 apartments remaining unrenovated, The Hills offers significant upside potential. Furthermore, the 2.4-acre, low-density setting may allow for additional Accessory Dwelling Units.

“The sale of The Hills reflects the strong investor demand for value-add opportunities in Ventura County,” said Zander. “With its rental upside and ideal location, this property offers the new ownership opportunity for durable growth and outsized returns, especially when combined with the efficiencies of owning other nearby communities.”

The Hills features a robust set of community amenities, catering to Thousand Oaks’ affluent, family-oriented renter demographic. The property also benefits from the city’s challenging land-use restrictions, which have limited new multifamily development to just two properties in the last 15 years. This scarcity creates a compelling opportunity for the renovation of existing assets like The Hills to meet evolving tenant preferences and sustain long-term value.

Thousand Oaks is renowned for its quality of life, highly rated public schools, a low unemployment rate of 3.8%, an average household income of $160,355 and an average home value nearing $1.4 million. In addition, Thousand Oaks is one of the fastest-growing biotech hubs in the nation, anchored by Fortune 500 company Amgen.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of over $2.7 billion. As of December 31, 2024, Newmark and our business partners together operated from approximately 170 offices with more than 8,000 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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