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6/26/23
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MBK Rental Living has acquired a 7.1-acre site in Thousand Oaks for the development of a new, 218-unit luxury multifamily community. MBK is partnering on their first apartment joint venture with Prime Life Technologies Corporation, a Japan-based leading home-building company.
The project will offer both market-rate and affordable residences across multiple two- and three-story buildings, nestled against the Santa Monica Mountains and less than 45 miles from downtown Los Angeles.
Designed by Pk: architecture with interiors by Design-Art in a modern mission revival architecture-style, the new community will offer studio, one-bedroom and two-bedroom floorplans, with 12% of the residences designated as affordable housing.
Of historical note, two existing structures - a schoolhouse and an auditorium - will be preserved, rehabilitated, and repurposed as the community’s leasing office, co-working space, clubhouse, and children’s lounge. In addition, the planned amenities include a private pool and pocket parks throughout the community.
Originally designed in the mission revival architectural style by Roy C. Wilson, the first licensed architect in Ventura County, the Timber School House was constructed in 1924, and the auditorium in 1948. Children of early Conejo Valley ranchers attended the school with the two buildings later being used as Conejo Valley High School. They were designated historic landmarks in 2004 by the Ventura County Cultural Heritage Board and the Thousand Oaks City Council.
“Through this acquisition and investment, we are able to rebuild and bring back to life these two historical structures, relics of one of the oldest remaining public buildings in the Conejo Valley. It is not every day a developer has the chance to make and enhance history on their property,” said Mr. McCarren.
Located at 1872 Newbury Rd in Thousand Oaks, the new community will provide residents with immediate access to the 101 Fwy connecting to Los Angeles 45 miles to the east and to Malibu on the California Coast only 20 miles to the west. Residents will enjoy convenient connections to the many employment centers, top schools, and retail and restaurant offerings in Thousand Oaks and the surrounding area, as well as outstanding parks and hiking opportunities, including Lake Eleanor Sentinel and Malibu Springs.
Construction on the apartment community is anticipated to start in summer 2024, and the grand opening is slated for winter 2026.
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