Lee & Associates LA North/Ventura’s President Mike Tingus and Principal Jared Smits, negotiated the $10 million dollar sale of 384 Erbes Road, a four-acre site that was purchased by the City of Thousand Oaks. The site will be used to develop for sale workforce housing for the area, a critical need in the area due to the current lack of affordable housing.
Located in the Conejo Valley, the site previously belonged to The Hillcrest Christian School which recently purchased a larger property to accommodate their increased demand for enrollment.
“The City of Thousand Oaks has set the tone for municipal entities to use quick decision making and their motivation to aid in their community’s housing needs,” said Smits. “This acquisition helps Thousand Oaks fill the state-mandated housing growth requirements, and it was a pleasure to be a part of a development land sale that perfectly fit the needs of both buyer and seller and our community. It will benefit the community tremendously and provide much needed housing.”
The property received more than 14 offers and the transaction was expedited as a result of the Lee & Associates LA North/Ventura team’s more than 20-year relationship with the City of Thousand Oaks. “The City’s vision and expedient efforts to consider the importance of providing affordable housing to its citizens should serve as an example to other cities within the state, especially at a time when homeownership is well out of reach for many,” said Haider Alawami, Economic Development Manager with the City of Thousand Oaks.
“I can echo how proactive The City of Thousand Oaks was in acquiring the site,” said Tingus. “Any private developer would have required at least 18 to 24 months of due diligence to navigate the entitlement process, but the City of Thousand Oaks was able to enter escrow, fund, and close the purchase within 180 days. This purchase will have long-term beneficial effects on the community of Thousand Oaks, which Lee & Associates – LA North/Ventura has proudly served in for over 35 years.”