Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Ocean Villas, a 119-unit apartment asset in Oxnard, California. The property sold for $39.75 million, which equates to $334,033 per unit.
“Ventura County has the second-highest annual median household income of all Southern California counties and a limited multi-housing supply due to strict development regulations,” said Joseph Grabiec, IPA senior managing director. “This combination has resulted in strong multifamily operations year after year.” Grabiec and IPA’s Kevin Green and Greg Harris represented the seller, Montgomery Partners, and procured the buyer, Interstate Equities Corporation. “Oxnard’s mild coastal climate, stable economic base, and high quality of life make it an appealing city for renters, especially those seeking more spacious surroundings in the wake of the COVID-19 pandemic,” added Green. “A small percentage of the apartments at Ocean Villas have been renovated, placing the buyer in position to continue the renovation strategy with the majority of the units.”
Located in a quiet, tree-lined neighborhood in southeastern Oxnard, the property is a mile from the Pacific Coast Highway and three miles from the Pacific Ocean. Schools, higher education, outdoor spaces, and everyday retail amenities are within walking distance. Employment opportunities are nearby along the 101-Tech Corridor with companies such as Amgen, General Dynamics Corp., Verizon, Volkswagen, JD Power & Associates, Teledyne Technologies, Kythera Biopharmaceuticals and Dole Food Co.
The 23-building community was built in 1965 on nearly eight acres. The property has 82 two-bedroom/one-and-a-half-bath flats, 36 two-bedroom/one-and-a-half bath townhomes, and one three-bedroom/two-bath apartment. Select units include large patios or balconies. Common area amenities include a swimming pool, spa, laundry room, and covered parking.