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10/27/25
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Santal Thousand Oaks, a best-in-class, 142-unit mid-rise multifamily property located in Thousand Oaks, was acquired by an account managed by BlackRock. It was sold by The Latigo Group.
Located at 299 Thousand Oaks Blvd, Santal Apartments was built in 2023 and boasts the highest multifamily rents in Ventura County. The property features elevated designer finishes and unparalleled amenities, including a pool, fitness center, coworking space and fully leased ground floor retail. As the only multifamily asset delivered in Thousand Oaks in the last 15 years, Santal stands out in an undersupplied market that has seen just 11 new communities since 1990, averaging 55 units per year.
Jonathan Merhaut, Geoff Boler, Joseph Smolen, Eugene Chong and Blake Matsuda with Newmark advised seller in the transaction. According to Merhaut, the transaction marks the first deployment of unleveraged pension fund capital into a multifamily asset in Ventura County.
In the second quarter of 2025, U.S. multifamily demand surged to an all-time high annual absorption of 794,160 units, up 11.1% from post-Covid peaks, while supply declined to 108,715 units quarterly and is projected to slow further, leading to a vacancy rate drop to 4.3%, according to Newmark Research. Effective rent growth remained steady at 0.8% year-over-year, with the strongest increases in major markets such as San Francisco, Chicago and New York, despite record demand levels.
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