BlackRock-Run Account Buys Ventura Apartments For $83M
An entity managed by BlackRock has purchased a 142-unit apartment complex in Thousand Oaks.
The sale was announced by Newmark, which didn't disclose a sale price. The property sold for $83M, according to Traded.
Developed by The Latigo Group, the Santal Thousand Oaks at 299 Thousand Oaks Blvd. was built in 2023. Rental rates for the property range from $3,250 to $5,580 for one-to-two-bedroom units, according to Apartments.com. The property has the highest multifamily rents in Ventura County, Newmark said.
The Santal is the only multifamily asset to come online in the affluent Thousand Oaks market in 15 years. The sale is also the first deployment of unleveraged pension fund capital into Ventura County's multifamily market, Newmark Vice Chairman Jonathan Merhaut said in a release.
Merhaut, along with Executive Vice Chairmen Geoff Boler and Joseph Smolen, Senior Managing Director Eugene Chong and Director Blake Matsuda, advised The Latigo Group.
Ventura County's occupancy rate was 96.9% at the end of the second quarter, a 0.5% increase from the previous quarter, CBRE reported. Average rent per multifamily unit was $2,826, a 1.7% increase from the first three months of the year. Total multifamily investment sales in the second quarter totaled $40.6M, up from $18.2M in the first quarter. Q3 data hasn't been released.
