Intercontinental, MG Properties acquire apartment community in Agoura Hills, Calif., for $87m

Intercontinental Real Estate Corporation and MG Properties have acquired Lexington Apartments, a 178-unit apartment community in Agoura Hills, Calif., for $87.3 million.

“The Lexington is a unique asset that is well positioned to benefit from a recovery in the L.A. region.  We are excited to expand our joint venture with Intercontinental and pleased to add to our portfolio’s operating scale in the region,” said Jeff Gleiberman, MG Properties’ president.

Lexington Apartments is the largest multifamily community in Agoura Hills to trade in the past decade, according to Real Capital Analytics.  During that time only five apartment communities with 100 or more units have traded hands in the Conejo Valley.

Built in 1986, The Lexington offers a unit mix of one- and two-bedroom apartment homes housed in 11 two-story residential buildings on a 15-acre-site at 30856 Agoura Road. All of the unit interiors have been renovated during the past five years by the sel