A 168-unit multifamily development in Oxnard was purchased for $30.7 million.
Los Angeles-based real estate investment firm JRK Property Holdings acquired the property at 2444 Alvarado St. near the open-air shopping center The Collection from a private investor, marking its second multifamily acquisition in Oxnard over the past two years.
Rancho Solana borders the RiverPark community, which includes a mix of housing units, schools and parks. The Collection and its neighboring communities have continued to draw interest and investment, especially given the relative affordability of Oxnard compared to the rest of the Tri-Counties.
JRK plans to renovate the units and the common area to better suit the increasing affluence of Oxnard’s rental pool, Vice President James Bloomingdale said.
“Rancho Solana provides us with a unique opportunity to acquire another sizeable asset in Oxnard where we can benefit from economies of scale to minimize operating costs and deliver quality rental housing in a supply constrained market,” he said in a news release.
Rancho Solana features one-, two- and three-bedroom units ranging in size from 695 to 1,085 square feet in 15, two- and three-story buildings on a low-density 3.81-acre site. The property was 99 percent leased at closing.
JRK also bought the 400-unit apartment complex Serenade at RiverPark in May 2015.
Oxnard has been growing steadily as it has seen its median household income increase by 7.3 percent in the past three years. Yet, similar to the rest of the region, there is not enough supply of rental housing — only seven apartment buildings of 50-plus units have been built since 2000, Bloomingdale said.
“Demand for investments remains strong as buyers from Los Angeles and the rest of Southern California see opportunity in their backyard,” the Radius Group wrote in its third quarter report.
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