Berkadia Completes $93 Million Sale of Multifamily Community in California
IRVINE, Calif. and LOS ANGELES – August 11, 2022 – Berkadia Institutional Solutions announced today the sale of The Vines at Riverpark, a 164-unit multifamily community located in Oxnard, California. Managing Director Adrienne Barr of Berkadia Los Angeles and Senior Director Mike Murphy of Berkadia Irvine completed the $93 million sale on behalf of the seller, California-based Champion Real Estate Company. The buyer, also based in California, was Interstate Equities Corporation, and the deal closed on July 26.
“The Vines at Riverpark is a unique rental product in the award-winning master planned community of Riverpark in West Ventura County,” said Barr. “The apartments are similar to single-family homes, averaging over 1,300 square feet with attached private garages.”
The Vines at Riverpark is located at 3040 N Oxnard Boulevard, less than one-quarter mile from The Collection at Riverpark, Ventura County’s upscale outdoor lifestyle center. The class “A” 164-unit community sold off-market for $93 million, which equates to over $567,000 per unit and $414 per square foot. Built in 2013 (Phase One) and 2014 (Phase Two) as luxury condominiums, these two-story residences are situated in a bucolic, park-like community and have the look and feel of single-family homes.
The Vines offers a highly desirable unit mix of 136 three-bedroom, two and one-half-bath units, and 28 two-bedroom, two-bath units. The units feature private, two-car direct-access parking garages, full-size washers and dryers (most have a separate oversized laundry room), separate water heater, central air and heat and a front porch or balcony. All units feature condominium-quality finishes, including GE Energy Star stainless-steel appliances, granite countertops and backsplashes, brushed nickel hardware and plumbing fixtures, espresso-colored cabinets with stainless-steel pulls throughout the kitchens and bathrooms and vinyl wood plank flooring throughout the first floor.
In addition to The Collection at Riverpark, the community affords residents convenient access to Sterling Hills Golf Club and the shops and restaurants near North Oxnard Boulevard and Route 101, as well as acclaimed school and the beaches of Ventura County.