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6/29/09
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In the first transaction this year of a property of 100 units or larger in Ventura County, Camarillo Mountain View LLC acquired the 106-unit Mountain View Apartments in Camarillo for $14 mil ($130.1k/unit). The property, located at 659 Las Posas Rd, just north of the 101 Fwy and the Camarillo Airport, was sold by Essex Portfolio Properties.
Mountain View, situated on over five acres, consists of one- and two-bedroom units in four floorplans measuring from 625 sf to 929 sf. It’s within walking distance of the Camarillo Factory Outlets, Camarillo Promenade, and the Camarillo Town Center, three of Camarillo’s most successful retail destinations. Common area amenities include a pool, fitness center, clubhouse, picnic areas and more. The in-place rents range from $950 to $1,455 per unit.
Mountain View was sold by Palo Alto-based Essex, a REIT with 27,000 units primarily located along the West Coast. Essex had kept the property well-maintained over the five years it owned the complex. The new owner plans to invest in minor cosmetic upgrades to the 30-year-old property.
Dean Zander and Vince Norris of Hendricks & Partners represented the seller in the transaction.
Alex J. Katz of Meridian Capital Group negotiated new 10-year non-recourse debt of $9.75 mil at a fixed-rate of 6.36% via Freddie Mac’s Capital Markets Execution (CME) program.
“Mountain View fits the Camarillo demographic perfectly, these are spacious units at a price point well suited to the area residents,” said Norris. Mountain View was offered at a $16 mil asking price. The selling price reflects a realistic adjustment in response to today’s capital markets.
"This location along the ‘101 Tech Corridor’ offers great access to all of Ventura, Santa Barbara and Los Angeles Counties and therefore the occupancy and rental market should remain strong, with outstanding long-term growth prospects," added Zander. “Mountain View is very well located and pedestrian-friendly.” Zander has the distinction of having sold all three of the largest recent multifamily properties in Ventura County, including the 142-unit Pavilion Apartments in Thousand Oaks and 253-unit Townhomes of Westlake Village.
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