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6/25/25
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The Latigo Group has obtained $182 mil in construction financing and joint venture equity to capitalize the development of Hillcrest Apartments, a 333-unit multifamily development located directly across from Amgen’s headquarters in Thousand Oaks.
Upon completion, Hillcrest Apartments will span more than 395k sf across 333 multifamily units and more than 5.7k sf of ground-floor retail. The project will offer future residents top-of-market amenities including a rooftop terrace with expansive views, an upscale swimming pool and robust fitness center, as well as co-working spaces, a multisport simulator, a podcasting studio, a wellness center with a sauna, cold plunge, a private yoga studio and on-site restaurants and retail.
Hillcrest Apartments is located at 2150 West Hillcrest Dr, just north of the 101 Fwy off Rancho Conejo Blvd. The area boasts an average household income of $164k and median home prices exceeding $1 mil, positioning Hillcrest Apartments to offer residents a substantial discount to home ownership.
The financing was arranged by Bercut Smith and Matt Benson with JLL Capital Markets and funded through Bank OZK, Affinius Capital and Peakhill Equity Partners. It includes a $117.2 mil senior loan from Bank OZK.
"Despite there being limited capital flows to development projects right now, the market for senior financing and subordinate financing is very liquid and select projects can garner interest from joint venture equity providers,” said Smith.
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