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The Latigo Group Obtains $59 Mil in Construction Money for 142-Unit Res Development in Thousand Oaks

4/23/20

The Latigo Group has secured $59 mil in construction financing for the development of a 142-unit, Class A residential project in Thousand Oaks, in what we’re told is the first significant multifamily project to be developed in the city since 2007. The 3.2-acre project, located at 299 East Thousand Oaks Boulvd, will include 9.8k sf of ground-floor retail space and parking for 239 vehicles.

Shlomi Ronen with Dekel Capital arranged the financing. The money was funded through a publicly traded REIT and a Life Insurance Company.

299 Thousand Oaks is located on the city’s main primary east/west arterial and is near several major shopping and entertainment destinations including the 1.3 msf regional shopping center The Oaks Mall, and the Thousand Oaks Civic Arts Plaza. The project falls within the Thousand Oaks Boulevard Specific Plan which, according to the city’s website, “guides development to revitalize, beautify and create a 3.5-mile mixed-use, pedestrian friendly destination between Duesenberg Drive and Moorpark Road.”

The four-story property includes studio, one- and two-bedroom units which will be offered at an attainable price point for the average two-income working household. Eleven units will be designated as affordable housing for low income families.

Amenities include a 3k sf fitness center, pool and garden courtyards, and open space at the rear of the site. The project will also feature state of the art “smart “technology,” including keyless entry and remote thermostat control to activate the street. The borrower is also currently iexploring a variety of dining options at the project, including two restaurant concepts and a specialty coffee shop.






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