APARTMENT SALES RISE MOVING IN; COUNTY'S BUOYANT ECONOMY HELPS FUEL BIG MARKET GAINS.

Byline: Don Holland Daily News Staff Writer

The county's improving economy and an influx of Wall Street cash are helping to heat up sales of apartment complexes across the county, a new industry report shows.

Apartment sales countywide topped the $157 million mark during the 18 months ending Dec. 31, according to a study by Thomas Associates, a Ventura real estate firm specializing in multi-unit dwellings. Transactions reached 45 for the period, more than double the number during the preceding 18 months.

``I think it's a reflection of the economy primarily, and secondarily, we've got the change in the capaital gains (tax) rate, which has stimulated the market,'' said Ron Cuff, a sales specialist with the company.

Cuff attributed much of the rise to institutional investors who are growing increasingly bullish on the area's economic outlook. Purchases by real estate investment trusts, known as REITS, have generally focused on larger complexes. And these REITs - investment funds that plunk down money exclusively into real estate - are at least partly responsible for the area's rise in apartment sales.

``For the very large properties,'' Cuff said, ``It's a seller's market, I'd say.''

Ventura County's apartment market is not the only target of REITs. Last year, they purchased $47 billion in commercial properties across the nation - nearly double from the previous year, according to a report by Alliance Capital CB Commercial National Real Estate Index.

Los Angeles and Orange counties were among the nation's hottest markets last year for real estate purchases by REITs. With Ventura County now registering net population gains for the first time in recent years, growing demand for apartment units will likely spell a continuation of the trend, as well as higher purchase prices - and possibly rising rents.

Thousand Oaks recorded the highest average per-unit cost, $92,261, a 3 percent increase from the previous report. The Oxnard-Port Hueneme area saw the strongest rise in sales activity, as well as the county's lowest cost per unit of $40,833 - a 4 percent rise.

APARTMENT SALES

Some notable apartment sales include the following:

Thousand Oaks

973-986 Westcreek Lane, 126 units, $13.4 million, $106,746 per unit

3500 Mountclef Boulevard, 18 units, $1.4 million, $77,777 per unit

Simi Valley

1709-1791 Cochran St., 320 units, $25.7 million, $80,312 per unit

910 Ashland Ave., nine units, 275,000, $30,555 per unit

926 Ashland Ave., nine units, 275,000, $30,555 per unit

CAPTION(S):

Box

BOX: Apartment sales (see text)