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May 20, 2024
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Universe Holdings Pays $12.5 Mil for Ventura Apartment Complex


Universe Holdings has acquired Hacienda Villas, a 34-unit townhome-style multifamily community in Ventura, for $12.55 mil ($369k/unit). Located at 10829 Del Norte St, Hacienda Villas is close to a growing number of employment hubs including the Ventura County Government Center and the 101 Tech Corridor.

Built in 1977, Hacienda Villas feature a mix of two- and three-bedroom apartments with spacious floor plans ideal for families and other renters looking for additional space. In addition to completing the unit interior renovation program started by the seller, Universe will make accretive upgrades to the building exterior and common areas.

The acquisition marks is the LA-based firmís second acquisition in Ventura over the past five months and increases its holdings in the coastal California city to 500 units. Universe entered the market in 2018 with the acquisition of Capes at Ventura, a 400-unit property located approximately five miles from Hacienda Villas. In May, Universe purchased Woodland Manor, a 40-unit multifamily community located minutes from Capes at Ventura, in an off-market transaction worth $14.55 mil.

Over the past decade, Ventura Countyís economy has dramatically shifted from a region highly dependent-upon government-funded aerospace and defense programs and agriculture to a leading center for high-tech, telecommunications, clean energy and healthcare. Major companies like Amgen, General Dynamics Corporation, Ixia, Waterway, Volkswagen, Jafra Cosmetics, Kythera Biopharmaceuticals and Dole Food Company have a significant presence in the market.

Ventura boasts a thriving rental market with historically high growth and occupancy. The city is consistently ranked in the top 10 of the safest and most livable cities in the country, drawing new residents looking to take advantage of its great climate and proximity to the Pacific Ocean.

NorthMarq represented the seller in the transaction.

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