Sales have been sluggish, an effect of what an executive with locally-based Dyer Sheehan Group Inc. attributed to “sellers’ unrealistically high prices for apartment complexes on the market that don’t promise positive cash flows for investors,” the Ventura County Star reported in August. Only two sales that meet Reis’ criteria, fetching a combined total of $6.0 million, closed year to date in 2012, both during the second quarter. In the largest, Clearmont LLC paid Nautilus Property LLC $3.15 million ($157,500 per unit) in June for a 20-unit project on Nautilus Street in Oxnard. The 12-month rolling mean cap rate per quarter-end was 5.8%, up from 5.4% a year earlier. The mean cap rate for the second quarter’s pair of sales was 6.3%.
Since the quarter ended: In what the Star described as “the county’s most expensive apartment sale so far this year,” Archstone sold a 191-unit property for $51.3 million ($269,000 per unit) in August. See Special Real Estate Factors for details.