Oxnard apartment complex trades hands for $39.8M

Deal comes to $334,000 per unit

Los Angeles /
Nov.November 24, 2021 10:10 AM
John Palmer (Founder & President, Montgomery Partners), Brendan Gibney (Vice President of Acquisitions, Interstate Equities) & Ocean Villas complex at 4401 Dallas Drive (Google Maps, montgomerypartners.com, interstateequities.com)

A 119-unit apartment complex in Oxnard has traded hands for $39.8 million, or $334,033 per unit.

Interstate Equities Corp. bought the Ocean Villas complex from Montgomery Partners, according to the San Fernando Valley Business Journal. Both firms are based in the San Francisco Bay Area

The 23-building complex sits on about eight acres at 4401 Dallas Drive, about a mile from the Pacific Coast Highway.

The units are essentially all two bedrooms — 82 are two-bedroom apartments and 36 are two-bedroom townhomes. There is one additional three-bedroom apartment.

Some units have patios or balconies, while common amenities include a swimming pool, spa, and a laundry room.

Joseph Grabiec and Kevin Green with the Marcus & Millichap division Institutional Property Advisors represented Montgomery Partners in the deal and found the buyer.

Green said that Oxnard is attractive to renters seeking more space in the wake of the pandemic and said that Interstate Corp plans to renovate most units.

“A small percentage of the apartments at Ocean Villas have been renovated, placing the buyer in position to continue the renovation strategy with the majority of the units,” Green said.

Last week, investment firm CGI+ closed a $51 million deal for the 170-unit Alturas apartment complex about two and a half miles away at 5200 S. J Street.

That figures out to around $300,000 per unit. CGI+ bought the property from San Francisco-based FPA Multifamily.

CGI+ Executive Vice President Andrew Soroudi sounded notes similar to Green’s about demand in Oxnard, saying the city has seen an influx of residents from larger urban areas seeking space.

Meanwhile in neighboring Camarillo, Kennedy Wilson is planning a sprawling 589-unit apartment complex on land owned by Cal State Channel Islands.

The 32-acre complex will include 310 market-rate units, 170 income-restricted senior rental units, and 108 homes for sale.

The firm plans to break ground by the end of the year.

[SFVBJ] — Dennis Lynch




     

    Related Articles

    arrow_forward_ios
    Developer Geoff Palmer with one of his properties (Getty, G.H. Palmer Associates)
    Geoff Palmer’s lawsuit over tenant protections tossed by judge
    Geoff Palmer’s lawsuit over tenant protections tossed by judge
    Newmark's Kevin Shannon, Marcus & Millichap's Jordan Asheghian and Tony Azzi, Stepp Commercial's Travis Traweek and Waterford's John Drachman (Newmark, Marcus & Millichap, Stepp Commercial, Waterford Property Company)
    Brokers tell clients to sell before transfer tax deadline
    Brokers tell clients to sell before transfer tax deadline
    Harbor Group International's Jordan Slone and Principal Financial Group's Daniel Joseph Houston with 3150 Wilshire Boulevard (Harbor Group International, LinkedIn, Google Maps)
    Principal Financial sells Koreatown apartments at a loss
    Principal Financial sells Koreatown apartments at a loss
    Joel Schreiber and KBS Realty Advisors' Charles Schreiber with 445 South Figueroa Street (Shir Stein, LinkedIn, Union Bank Plaza, Getty)
    KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
    KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
    Greenland Holdings’ Zhang Yuliang and Northland’s Matthew Gottesdiener with the THEA at Metropolis at 1000 W. 8th Street in Los Angeles (TheaDTLA, LinkedIn, Getty)
    “Borderline offensive”: Why Greenland lost $200M on its LA tower
    “Borderline offensive”: Why Greenland lost $200M on its LA tower
    Oracle's Larry Ellison with 2600 Colorado Avenue (Loopnet, Getty)
    Oracle puts Santa Monica office complex up for sale
    Oracle puts Santa Monica office complex up for sale
    111 W 7th Street (LoopNet, Getty)
    LLCs linked to SB Properties object to Laguna Point’s lawsuit over $400M apartment sale
    LLCs linked to SB Properties object to Laguna Point’s lawsuit over $400M apartment sale
    From left: Onni Group's Innocenzo De Cotiis and Moss & Company's Chris Gray with 11460 Gateway Boulevard
    Onni Group pays $65M for West LA site with entitlements
    Onni Group pays $65M for West LA site with entitlements
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...