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4/12/24
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AEW Capital Management has acquired Ranch at Moorpark, a 376-unit multifamily community in the Ventura County city of Moorpark, in a $133.2 mil ($354k/unit) transaction. The property is located at 51 Majestic Court, roughly 50 miles west of downtown Los Angeles.
The asset was sold by Decron Properties, who purchased the property in 2013 for $84.4 mil ($224k/unit). During its hold period, Decron completed a significant capital improvement program that included the complete renovation of all unit interiors, the expansion of covered parking options allowing for a two-car garage for the two-bedroom units and a expansive renovation to all the common areas.
Common area renovations included a new recreation building with a Fitness Center, Yoga/Spin studio and a resident clubhouse with chef’s kitchen, along with the creation of a new rental office. Additional improvements included a children’s play area, dog park and poolside barbeque and dining areas. The pool area was updated to include outdoor social areas including fire pits and expanded seating areas.
“The execution of our business plan produced a high-quality community with more amenities than its competition. This plan generated substantially higher rents and in turn robust returns over a 10-year period, outperforming our original projection,” said Decron CEO David J. Nagel. “Ranch at Moorpark is a large, well-located asset that still offers additional upside for an experienced operator like AEW Capital Management in a Ventura County market that is still seeing rent growth.”
The sale of Ranch at Moorpark is the latest in a series of Southern California dispositions that Los Angeles-based Decron has made over the past 6 months.
“We’re looking at markets like San Diego, where we recently made a substantial acquisition, and places like Phoenix and Seattle where we already have created a significant portfolio,” Nagel said. “Our objective is to make our portfolio younger and geographically more diverse.”
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