The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 15, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Universe Holdings, Hanover Financial and Essex Property Trust Purchase 400-Unit Apartment Property in Ventura


Universe Holdings has teamed up joint venture partner Hanover Financial LLC, along with preferred equity from Essex Property Trust, to acquire Capes at Ventura, a 400-unit, institutional quality apartment community in Ventura, for $100 mil ($250k/unit). Built in 1984, Capes at Ventura is located at 760 S Hill Rd, just five minutes from the Pacific Ocean.

Capes at Ventura features a mix of one- and two-bedroom floor plans. Amenities include two resort-style swimming pools, two spas, a barbecue and picnic area, a fitness center, and clubhouse. Additional storage units located on the property provide residents with a supplementary storage option.

The acquisition of Capes at Ventura represents one of the largest transactions for Universe in the last several years and signals the firm’s renewed appetite for larger and more complex transactions. For Hanover, led by Michael Lowinger, Mark Macedo and Ash Baraghoush, this is the company’s second investment with Universe in Southern California.

Capes at Ventura combines a geographically desirable coastal location with easy access from Highway 101 and 126. With Ventura consistently ranking nationally in the top 10 of the safest and most livable cities in the country, the price of single-family homes has continued to appreciate, currently averaging above $600,000, and contributing to a shortage of affordable multifamily options in the area.

“This surge has priced many potential home buyers out of the market creating high demand for quality rental housing in Ventura, which is known for its excellent climate, schools, and proximity to many fine beaches,” said Samuel Landman, who led the acquisition team for Universe Holdings. “By adding substantial value through the renovation of the asset and repositioning of the property, we believe we can create significant risk-adjusted returns for our investors.”

Universe Holdings has budgeted $6.5 mil to update unit interiors and refresh the property’s exterior. Interior improvements include upgraded kitchen cabinets and installation of Caesarstone counter tops, a stainless steel appliance package, new plank flooring, two-tone paint, and upgrades to bathroom and kitchen fixtures. Exterior improvements will include a renovated fitness center, enhancements to the courtyard and landscaping, and the addition of a pool cabana.

Adrienne Barr and Shane Shafer of Berkadia represented the seller, Colony Northstar.

Return to the Archive page


Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media