The Latigo Group’s proposed housing development in Thousand Oaks is moving forward with the financial blessing of Affinius Capital.
On Monday, the San Antonio-based Affinius announced it plans a $54.7 million preferred equity investment in Latigo’s planned Hillcrest Apartments multifamily development, Commercial Observer reported. Bank OZK originated the senior loan and financing was arranged by JLL’s Bercut Smith.
The Latigo Group, headquartered in Los Angeles’ Sawtelle neighborhood, plans to use the nearly $55 million in funding to build a four-story multifamily property at 2150 West Hillcrest Drive. It will feature 333 luxury one-, two- and three-bedroom units complete with balconies and in-unit washers and dryers; each apartment will be finished with upscale cabinetry, quartz countertops, designer lighting and smart home technology. Units will average 948 square feet.
Residents will also have access to a rooftop terrace, a swimming pool, a fitness center, coworking spaces, a wellness center and a multi-sport simulator. The ground floor will consist of 6,500 square feet of retail space.
Latigo first bought the roughly 8-acre property, part of an underutilized office complex, in 2022 from Amgen for $25.5 million. The Hillcrest Apartments development will “help fill the need for high-quality multifamily properties in a historically supply-constrained market,” Affinius’ executive director Mario Morales said in a statement to CO.
The Hillcrest Apartments will be Latigo’s second multifamily development in the city of Thousand Oaks.
Its first in the Ventura County enclave was Santal Thousand Oaks at 299 Thousand Oaks Boulevard. That property, which took over a former auto body shop and opened in 2023, was only the second mixed-use residential development completed in the city of Thousand Oaks in more than 60 years. To make that 142-unit, 152,000-square-foot project happen, Latigo secured $59 million in construction financing, a large chunk of that coming from Principal Life Insurance Company.
The Hillcrest project is expected to be completed in 2028, according to CO.
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