May 17, 2018
Universe Holdings and joint venture partner Hanover Financial, LLC acquired Capes at Ventura, a 400-unit, institutional quality apartment community in Ventura, CA from Colony Northstar for $100 million.
Built in 1984, the property is located at 760 S. Hill Rd. and features a mix of one and two-bedroom floor plans. Amenities include two resort-style swimming pools, two spas, a barbecue and picnic area, a fitness center and clubhouse.
Hanover’s Michael Lowinger says, “We recognized the significant barriers to entry in Ventura as well as the population growth, which solidified our decision to partner with Universe Holdings.” This is Hanover’s second investment with Universe in SoCal.
Berkadia’s Adrienne Barr and Shane Shafer represented the seller. Essex Property Trust provided preferred equity.
Universe’s Henry Manoucheri notes the acquisition represents one of its largest transactions in the last several years, and signals the firm’s renewed appetite for larger and more complex transactions.
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