A 333-unit community, Hillcrest Apartments, will be developed directly across from Amgen’s headquarters in Thousand Oaks, California, by The Latigo Group.
To support the project, JLL Capital Markets secured $182 million in construction financing and joint venture equity from Bank OZK, Affinius Capital, and Peakhill Equity Partners. The financing also includes a $117.2 million senior loan from Bank OZK.
Hillcrest Apartments is off US-101 at 2150 West Hillcrest Dr., considered one of Southern California’s strongest rental submarkets.
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Those in the area have an average household income of $164,000 and median home prices exceeding $1.05 million, positioning Hillcrest as a more affordable option compared to ownership, according to JLL.
It is Latigo Group’s second project in Thousand Oaks.
“Although development projects are currently experiencing restricted capital flows, there is abundant liquidity in both senior and subordinate financing markets, with certain projects attracting attention from joint venture equity providers,” JLL Managing Director Bercut Smith told GlobeSt.com.
“We're thrilled to have assisted the Latigo Group in securing capital so that they can become the first developer to complete multiple multifamily properties of at least 100 units in the city in over 20 years.”
The 395,000-square-foot asset features more than 5,700 square feet of ground-floor retail space and will include top amenities such as a rooftop terrace with expansive views, a swimming pool and a fitness center.
Additionally, the property offers co-working spaces, a multisport simulator, a podcasting studio, a wellness center featuring a sauna, a cold plunge and a private yoga studio, as well as on-site restaurants.
Smith and Senior Director Matt Benson led JLL Capital Market’s Advisory team on the deal.
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