Real Estate Weekly
Image default
Deals & Dealmakers

Lee & Associates – La North/Ventura Closes Transaction on 10-Acre Site for Major Mixed Used Development 

 Lee & Associates- LA North/Ventura closed a transaction for two adjacent parcels that includes a fully entitled mixed-use development located at 1872 Newbury Road, in Thousand Oaks, California. The Lee & Associates – LA North/Ventura team included John Battle, SIOR, principal, Mike Tingus, president, and Matt Benwitt, associate, which represented both the seller and the buyer. The buyer for the 7.1-acre housing site was Orange County based MBK Rental Living; the buyer for the 2.6-acre hotel site is Anaheim-based MG Hospitality. The seller was undisclosed.  

The City of Thousand Oaks is a premiere community recognized for being one of the most desirable places in all of California to live, work, recreate, and raise a family. Located in between Los Angeles and Santa Barbara in Ventura County, Thousand Oaks is nestled against the Santa Monica Mountains and with over 15,000 acres of natural publicly owned open space located within the City’s boundaries. 

Once completed, the approximately 10-acre total site will house 218 apartments, of which 12% will be affordable housing, and a 120 room Marriott Residence Inn.  The property was originally sold by the school district in 2015 for conversion into a commercial use. However, COVID-19 and the housing crisis loomed shortly thereafter and the city wanted to increase housing opportunities.  

“This was a particularly complex transaction given it involved two separate but adjacent parcels, which were vacant, with the exception of two small structures that were both deemed historical in nature, and a requirement by the city that all infrastructure work for both parcels be completed simultaneously,” said Battle, who represented both the seller and buyer. “As a result, there were a number of moving parts, all of which had to be carefully navigated. “ 

The 2.6-acre site, which sits on one corner of the overall land mass, will house the 120 room, three-story hotel. A fitness center, meeting room and an outdoor pool are included.  

The adjacent 7.1 acres will house 218 apartment homes designed in a mission revival architectural style. The units will be in multiple three- and two-story buildings which will include studios, one-bedroom and two-bedroom, of which twelve percent (12%) will be designated for affordable housing. The two historical structures will remain on the property, to be repurposed as the community room and the leasing office.  Outdoor pocket parks with seating areas will be purposefully planned through the community along with a private pool tucked away for residents.    

This luxury community provided by MBK Rental Living is in a favorable location that will offer residents convenient freeway access to L.A. in the south, while also bridging residents to nearby entertainment hubs, employment centers, community services, popular retail and dining locations; and to numerous hiking opportunities like Lake Eleanor Sentinel and Malibu Springs that are only minutes away.  

“Once completed, this will bring much needed housing as well as a hotel option to our city,” emphasized Battle. “While it was several years in the making – and clearly required creative thinking and a team that was in sync with all the moving parts – we were able to get it done, which is truly a testament to the commitment by all the parties that were involved.”  

Pk: architecture, a full-service architecture, interior design and master planning firm based in Agoura Hills completed the architectural design and site plan. Design-Art is the interior designer for this community. 

Construction is expected to begin in Summer 2024. 

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million

REW

Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building

REW

Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando

REW