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5/07/15
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Champion Real Estate has acquired The Vines, a Class A, 164-unit multifamily property in Oxnard, for $55.5 mil ($339k/unit). The asset is part of RiverPark, a master-planned community located at 3040 N. Oxnard Blvd, on the northwest side of Hwy 101 near Vineyard Ave. We’re told the sale price marks the highest per-unit price paid in the last 10 years in Ventura County among multifamily rental communities with 100 or more units.
The property was built in two phases: the first 80 units were built in 2013 and the remaining 84 units were completed in 2014. The community features two- and three-bedroom layouts. Unit amenities include fully equipped kitchens with granite countertops, washer and dryer units, balconies or patios, walk-in closets, hardwood flooring and attached two-car garages.
River Park amenities include seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues, water fountains. Leasing an average of two units per week, Cirrus Asset Management delivered the property at 95 percent occupancy.
The Vines is situated near Pacific Coast Highway and State Route 101. It is within walking distance to high-end retail shops, dining, entertainment and less than 10 miles from both Ventura Beach and Channel Island Beach. The top employers in the area are St. John’s Regional Medical Center, Boskovich Farms Inc, Ventura Superior Municipal Court and Walmart Supercenter.
LA-based Champion Real Estate, led by Bob and Parker Champion, were repped in the deal by Adrienne Barr of the West Los Angeles office of Berkadia. The sellers, Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, were represented by Tony Koeijmans of RSF Partners, based in Dallas, TX.
“The sale is indicative of a strong investor appetite for new product in retail-oriented locations,” Barr said. “The combination of sustained job growth, high home prices and an abundance of new apartment product in the Ventura County area is expected to draw investors throughout 2015.”
Apartment vacancy in the Ventura County metro area declined 70 basis points last year, reaching 3.7 percent by year-end. Average asking rent was $1,710 per month by the end of 2014.
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