LOS ANGELES — August 20, 2019 — Berkadia today announced the sale of Rancho Corrales, a 229-unit garden-style multifamily property in the Wood Ranch area of Simi Valley, California. The property closed at a record setting price-per-unit for the Simi Valley submarket. Rancho Corrales represents the only transaction over 50-units to sell in the in the submarket since the closing of the 88-unit Colony Apartments in October 2017. Managing Director Vince Norris and Associate Director Eric Norris of Berkadia’s Los Angeles office completed both transactions.
Sherman Oaks, California-based IMT Capital was the buyer of Rancho Corrales and the seller was an entity of California-based Sares Regis Multifamily Value Add Fund.
“Wood Ranch is the most exclusive submarket in Simi Valley, and Rancho Corrales is one of only three communities over 100-units in the submarket,” said Vince Norris. “Barriers to entry are so high in the submarket that no new multifamily construction has been completed since 1999.”
Located at 643 Country Club Drive, Rancho Corrales, newly branded as IMT Wood Ranch, features recently renovated one- and two-bedroom floor plans. Community amenities include a barbecue area, a cyber lounge, a pool and a fitness center.
“IMT has significant plans to further enhance the living experience at Wood Ranch,” added Eric Norris. “The buyer plans to repaint the buildings, resurface the pool deck and purchase new pool furniture. They also plan to revitalize the property’s landscaping and site condition, and make minor upgrades to the leasing office and lobby areas. For the unit interiors, IMT plans to install high-quality plank flooring in all units, including units on the upper floor.”
Residents are afforded convenient access to Wood Ranch Golf Club, Rancho Madera Community Park and the shops and restaurants along Madera Road.