LOS ANGELES and IRVINE, Calif. – May 17, 2018 – Berkadia today announced the sale of the Capes at Ventura Apartments, a multifamily property in Ventura, California. Managing Director Adrienne Barr of Berkadia’s Los Angeles office and Managing Director Shane Shafer of Berkadia’s Irvine, California office led the $100 million sale on behalf of the seller, Los Angeles-based Colony NorthStar, led by Eric Schleif. The buyer was Universe Holdings, led by Henry Manoucheri, and the deal closed on May 10.
“Capes at Ventura offered a rare opportunity to purchase 400 units in a desirable Ventura location with a tremendous value-add opportunity,” said Shafer.
“Less than 20 percent of the units in the community had been renovated,” said Barr. “On average, the renovations were yielding a monthly premium of over $250 per unit from the average in-place rent.”
Located at 760 S Hill Road, the property offers one- and two-bedroom floorplans with in-unit washers and dryers. Community amenities include a fitness center, two resort-style pools, a large leasing office with a club room and ample parking. Capes at Ventura is located just minutes from the Pacific Coast and The Collection at RiverPark, Ventura County’s most desirable open-air lifestyle center. The property also affords convenient access to U.S. Routes 101 and 126.