Ventura multifamily records $100M sale
Universe Holdings and Hanover Financial's buy was the biggest multifamily purchase in Ventura County in 12 months
UPDATED, May 16, 2:57 p.m.: A 400-unit apartment complex in the city of Ventura changed hands for $100 million, the highest price recorded in Ventura County since last year, The Real Deal has learned.
Century City firms Universe Holdings and Hanover Financial purchased the Capes at Ventura property at 760 S. Hill Road in an the off-market deal last week. Essex Property Trust, a San Mateo-based REIT specializing in apartment investments, supplied an undisclosed amount of preferred equity to the joint venture for the purchase.
The seller is NorthStar, according to Real Capital Analytics.
The complex includes 33 two-story buildings with 308,600 square feet of living space. The acquisition price came out to $250,000 per unit. The overall price tag is also the highest in the county since May of last year, behind Decron Properties Corporation’s $141.4 million purchase of a 504-unit complex in Simi Valley.
NorthStar foreclosed on the complex in 2013. JPI Multifamily paid $85 million for it in January of 2007.
Universe set aside $6.5 million for capital improvements. In-unit improvements include new kitchens, new flooring, and bathroom upgrades. Universe also plans to renovate the gym and improve the courtyard and green spaces there. Other amenities include a pool, clubhouse, and barbeque and picnic areas.
Correction: An earlier version of this article incorrectly stated the acquisition’s price per unit, and that the amount was a record.