IRVINE, Calif. and LOS ANGELES – May 4, 2020 – Berkadia announced today the $92.25 million sale of The Artisan at East Village, a 272-unit garden-style multifamily property in Ventura County, California. Managing Director Joe Leon and Associate Director Michael Thagard of Berkadia’s Irvine, California office, along with Managing Director Jim Fisher and Senior Director Mike Smith of Berkadia’s Los Angeles office, together completed the sale on behalf of the seller, Wisconsin-based Northwestern Mutual. The buyer was a California-based private capital investor, and the deal closed April 28.
Located at 2060 Zocolo St., The Artisan at East Village is only 10 minutes from Oxnard beaches and is ideally located between Santa Barbara and Los Angeles. This high barrier-to-entry market due to the S.O.A.R. initiative has led to a constrained multifamily development pipeline, creating robust market demand.
“The property had over 35 tours and 20+ written offers from qualified buyers. This was in large part due to the exceptional quality of construction and the fact the property was offered below replacement costs,” said Fisher. New ownership will have a great opportunity to continue competing with the new Class “A” Oxnard rental supply through a light renovation program.”
“The completion of the Artisan at East Village sale during the midst of the coronavirus crisis speaks to the high quality of the asset and to the high quality of the buyer,” said Leon.