BlackRock added another multifamily property to its holdings, this time in Ventura County.
The Latigo Group sold the Santal Thousand Oaks apartments in Thousand Oaks to an account managed by New York-based BlackRock, L.A. Business First reported.
The 142-unit mid-rise property at 299 Thousand Oaks Boulevard went for $83 million, or $584,500 per unit, per Traded.
The property is the only multifamily asset delivered in Thousand Oaks in the past 15 years.
Just 11 apartment communities have been built in the Ventura County enclave since 1990, according to Newmark Group, which brokered the deal. Jonathan Merhaut, Geoff Boler, Joseph Smolen, Eugene Chong and Blake Matsuda arranged the sale and advised Latigo Group in the transaction.
The trade marks the “first deployment of unleveraged pension fund capital into a multifamily asset in Ventura County,” Merhaut said in a statement.
The Latigo Group delivered the property in 2023 on the site of a former auto body shop. The firm had $59 million in construction financing, largely from Principal Life Insurance Company. Amenities at the complex include a pool, fitness center, coworking space and yoga room. Ground-floor retail space is leased to the Basta and Go Fish Sushi Bar restaurants.
It’s the latest apartment community in Thousand Oaks to change hands. In March, The Hills, a 52-unit property at 850 Warwick Avenue, sold to FPA Multifamily from Interstate Equities Corporation for $18 million.
The complex is Latigo’s first multifamily development in Thousand Oaks, though the Los Angeles-based firm has another project in the works.
The Hillcrest Apartments Latigo’s proposed four-story multifamily project at 2150 West Hillcrest Drive, will feature 333 luxury one-, two- and three-bedroom units with balconies and in-unit washers and dryers as well as upscale finishouts. Over the summer, Affinius Capital announced a nearly $55 million preferred equity investment in the project. The development is expected to be completed in 2028.
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