LOS ANGELES—A “dramatic shift” in the Ventura County economy has begun to fuel institutional interest in the market. The local economy, which was once driven by government-funded aerospace and defense jobs, is now driven by high-tech, telecommunications, clean energy and healthcare jobs, and educated professionals are migrating to the market as a result. This has made multifamily properties very attractive.
One example is the recent sale of the Rancho Solana apartment complex. JRK Property Holdings recently purchased Rancho Solana, a 168-unit multifamily apartment building located in the Oxnard market of Ventura County, for $30.7 million from a private investor. “This transaction is a sizable value-add investment in coastal Ventura County,” Kevin Green, a senior director at Institutional Property Advisors. In a market that has a severe lack of recently built institutional product, the project offered a meaningful rental upside story, which is projected to exceed 18% via a renovation strategy.” Green represented both the buyer and the seller in the transaction, along with Joseph Grabiec and Greg Harris.
In addition to the significant upside, the reinvigorated local economy as well as the ample employers in the market attracted the buyer to the asset. “There is a growing local economy with employment in government, medical, telecommunications, logistics and international trade, and Rancho Solana is located adjacent to The Collection at Riverpark. The $800 million development has worked to revitalize and reinvigorate the Oxnard marketplace with over 650,000 square feet of open-air retail and thousands of residences,” explains Green. Many companies, including Amgen, Baxter, General Dynamics Corp., Ixia, Verizon, WellPoint, JD Power & Associates, Volkswagen, Audi, Jafra Cosmetics and Kythera Biopharmaceuticals, are located near the property.
JRK Property Holdings purchased the property as the down leg of a 1031 exchange. It plans to renovate the property to take advantage of the asset.
LOS ANGELES—A “dramatic shift” in the Ventura County economy has begun to fuel institutional interest in the market. The local economy, which was once driven by government-funded aerospace and defense jobs, is now driven by high-tech, telecommunications, clean energy and healthcare jobs, and educated professionals are migrating to the market as a result. This has made multifamily properties very attractive.
One example is the recent sale of the Rancho Solana apartment complex. JRK Property Holdings recently purchased Rancho Solana, a 168-unit multifamily apartment building located in the Oxnard market of Ventura County, for $30.7 million from a private investor. “This transaction is a sizable value-add investment in coastal Ventura County,” Kevin Green, a senior director at Institutional Property Advisors. In a market that has a severe lack of recently built institutional product, the project offered a meaningful rental upside story, which is projected to exceed 18% via a renovation strategy.” Green represented both the buyer and the seller in the transaction, along with Joseph Grabiec and Greg Harris.
In addition to the significant upside, the reinvigorated local economy as well as the ample employers in the market attracted the buyer to the asset. “There is a growing local economy with employment in government, medical, telecommunications, logistics and international trade, and Rancho Solana is located adjacent to The Collection at Riverpark. The $800 million development has worked to revitalize and reinvigorate the Oxnard marketplace with over 650,000 square feet of open-air retail and thousands of residences,” explains Green. Many companies, including Amgen, Baxter,
JRK Property Holdings purchased the property as the down leg of a 1031 exchange. It plans to renovate the property to take advantage of the asset.
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