Oakwood Village changes hands

Jim Fisher and Craig Stevens, principals in the Sherman Oaks office of Lee & Associates' L.A. North/Ventura Inc., have negotiated the sale and purchase of a 191-unit multifamily property for more than $46 million.

The property, Oakwood Village at 491 Gainsborough Road in Thousand Oaks, was purchased by Archstone Smith Real Estate Investment Trust. The seller was Gaines Investment Trust.

Oakwood Village comprises one-to-three bedroom units, each averaging 1,000 square feet. Amenities include a fitness center, clubhouse, swimming pool, spa, five laundry facilities, a partially covered parking lot and private balconies and patios. The property's 18 buildings sit on 8.5 acres.

"Archstone Smith Operating Trust purchased Oakwood Village to expand its existing portfolio," said Fisher. "They plan to rehabilitate the units over time with a deluxe package, including granite countertops, stainless steel appliances, washer-dryer hook-ups as well as other amenities."