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
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