November 11, 2019 Comments Off on CBRE Handles $73M California MF Deal Views: 610 California News, National News, West

CBRE Handles $73M California MF Deal

Ventura Del Sol, A 255-unit apartment complex in Ventura, CA, traded hands for $72.5 million. The buyer was an undisclosed private multifamily investment firm, while the seller was an unnamed private development company.

The property located at 6250 Telegraph Rd. was constructed in 1976 by the original owner and contains 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 both parties in the deal. The property traded at $284,313 per unit, setting pricing records for this product type, in an all cash, off-market transaction as institutional investment-size opportunities in the area are rare, notes Russell.

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