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11/11/19
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Ventura Del Sol, a 255-unit apartment complex in Ventura, sold for $72.5 mil ($284k/unit). The buyer was a private multifamily investment firm attracted by the property’s location and low-density configuration.
Constructed in 1976, Ventura Del Sol is located at 6250 Telegraph Rd, east of Victoria Ave and just north of Hwy 126. The complex is in walking distance to quality schools, Starbucks, Vons, CVS and other conveniences and is in proximity to beaches, Ventura City College, and Pacific View Regional Mall.
The complex consists of large one- and two-bedroom apartments in a low-density setting on an 18-acre site. The property boasts open green spaces and extensive features, including a large pool, tot lot, clubhouse and on-site leasing office. The new owner plans to upgrade the apartments, including adding washer and dryers, as well as improvements to the existing property amenities.
CBRE’s Melinda Russell represented the buyer and the seller, a private development company. The property traded in an all-cash, off-market transaction.
“This was an essentially untouched original-owner asset that was well maintained and ready for the next level of improvements,” said Russell. “The site is located just 30 minutes from Santa Barbara and 5 minutes from beaches and revitalized Downtown Ventura.”
Russell added, “Due to its quality of living, the Ventura rental market has been growing as a preferred beach-oriented community for employees commuting throughout the 101 Tech Corridor, to the Conejo Valley or just north to Santa Barbara. Much new retail development has occurred in this market, and there is a shortage of rental housing in Ventura County, which boasts a sub-4% vacancy rate.”
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