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FPA Multifamily closed on the purchase of The Hills, a 52-unit multifamily in Thousand Oaks. The property, located at 850 Warwick Ave, was sold by Interstate Equities Corporation in an $18.2 mil ($350k/unit).

The property was built in 1973, with large apartments that average nearly 1k sf. 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.