FPA Multifamily has acquired Stonepine Apartments, a 108-unit value-add community in Thousand Oaks, Calif., from a private family trust. The Class B property changed hands for $33.8 million. A Berkadia team negotiated the sale on behalf of the buyer.

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Located at 1394 E. Hillcrest Drive in Ventura County, the property is close to the intersection of Moorpark and Ventura freeways. The garden-style community is within walking distance from the shops and restaurants situated along Thousand Oaks Boulevard.

Los Angeles Times

Developed in 1979 on a 5-acre site, Stonepine encompasses seven two- and three-story buildings. The unit mix features one- to three-bedroom floorplans ranging from 725 to 1,420 square feet, per Yardi Matrix data. Common-area amenities include a swimming pool, spa, clubhouse and more than 150 parking spaces. The community was 95.4 percent occupied as of October.

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Berkadia Managing Director Vince Norris and Associate Director Eric Norris assisted the buyer in the negotiations. The team was also involved in the recent $30 million sale of a 78-unit community in Reseda, Calif. Benedict Canyon Equities sold the Class B asset, also located near Ventura Freeway.