Universe Holdings has acquired Hacienda Villas, a 34-unit townhome-style multifamily community in Ventura, Calif. for $12.55 million. It is the Los Angeles-based real estate investment firm’s second acquisition in Ventura the past five months and increases its holdings in the coastal California city to 500 units.
Built in 1977, Hacienda Villas feature a mix of two- and three-bedroom apartments with spacious floor plans ideal for families and other renters looking for additional space. In addition to completing the unit interior renovation program started by the seller, Universe will make accretive upgrades to the building exterior and common areas.
“We are committed to growing our portfolio in Ventura and surrounding neighborhoods,” said Universe Holdings CEO Henry Manoucheri. “Our goal is to invest an additional $100 million in the region over the next 24 months.
The firm entered the market in 2018 with the acquisition of Capes at Ventura, a 400-unit property located apprxomately five miles from Hacienda Villas. In May, Universe purchased Woodland Manor, a 40-unit multifamily community located minutes from Capes at Ventura, in an off-market transaction worth $14.55 million.
Located at 10829 Del Norte St., Hacienda Villas is close to a growing number of employment hubs including the Ventura County Government Center and the 101 Tech Corridor. Over the past decade, Ventura County’s economy has dramatically shifted from a region highly dependent-upon government-funded aerospace and defense programs and agriculture to a leading center for high-tech, telecommunications, clean energy and healthcare. Major companies like Amgen, General Dynamics Corporation, Ixia, Waterway, Volkswagen, Jafra Cosmetics, Kythera Biopharmaceuticals and Dole Food Company have a significant presence in the market.
Ventura boasts a thriving rental market with historically high growth and occupancy. The city is consistently ranked in the top 10 of the safest and most livable cities in the country, drawing new residents looking to take advantage of its great climate and proximity to the Pacific Ocean.
NorthMarq represented the seller in the transaction.
