VENTURA, CA-Coastline Capital Partners of Hermosa Beach has acquired the 309-unit Ventura Pines apartment complex for $50 million from JSB Trust in a transaction brokered by Marc Renard, Marisa Bradanini and Manfred Schaub of the Downtown Los Angeles office of Cushman & Wakefield. The property, built in 1971, is one of the largest apartment complexes in Ventura and was 96% occupied at the time of the sale.
Steve Ludwig, a principal with Capital Coastline, says the property appealed to the buyer for a number of reasons, including its location within a desirable residential area with high barriers to entry for new development. Capital Coastline plans to enhance property value through a capital expenditure program and improved management, Ludwig says.
The transaction is one of three apartment deals that Renard, Bradanini and Schaub have brokered in recent months in the Ventura area. The others include the $63-million sale of the 312-unit Waterstone at Moorpark at 4767 Moorpark Ave. in Moorpark and the $43-million sale of the 109-unit Tropicana Gardens student housing at 6585 El Colegio Rd. in Santa Barbara.
AEW Capital Management bought the Waterstone from Palo Alto-based Pacific Property Co. Built in 2001, the complex was 95% occupied at the time of the sale.
United Campus bought the Tropicana Gardens from United Services. The property's 109 units comprise approximately 450 student housing beds and it was 98% occupied at the time of the sale.
Renard says that the three deals underscore the strong apartment market in Ventura County, which is one of the strongest apartment markets in the nation. The county averages an occupancy level of 96.5% and has enjoyed rental growth of 6.1% annually for the past 10 years, Renard notes.
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