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Ventura County Sees Record-Breaking Multifamily Prices

LOS ANGELES—The Vines, a 164-unit class-A multifamily complex, trades hands for $55.5 million, or $338,628 per unit, the highest price paid per unit in Ventura County for the past 10 years.

By Kelsi Maree Borland | Updated on May 08, 2015

LOS ANGELES—The 10-year price-per-unit record in Ventura County is broken. Champion Real Estate has purchased the Vines, a 164-unit apartment complex in Oxnard, from a partnership between Corona Riverpark Promenade LLC and Corona Riverpark Luminaria. The property traded hands for $55.5 million or $338,628 per unit, the highest per-unit price paid for a 100-plus-unit multifamily property in Ventura County for the past 10 years.

“Despite very strong fundamentals in Ventura County, the area had not, until recently, attracted heavy attention from institutional multifamily investors,” Adrienne Barr, a partner at Berkadia, tells GlobeSt.com. “However, through Berkadia’s proprietary database and buyer tracking technology, my team and I generated 13 offers from a broad spectrum of qualified buyers, including local, foreign, private, institutional and 1031 exchange buyers. We brought the asset to the market unpriced.” Barr represented the seller in the transaction.

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