IPA Sells 1970s-Built Ventura County Multifamily Asset for $30.7 Million
Dec 09, 2016

OXNARD, Calif., – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Rancho Solana, a 168-unit multifamily apartment building located in Oxnard, California. The $30,675,000 sales price equates to more than $182,500 per unit.

“Oxnard’s severe lack of recently built institutional-quality multifamily product creates an opportunity for new ownership to acquire a sizeable asset in Ventura County,” says Greg Harris, IPA executive director.

Harris, and IPA senior directors Kevin Green and Joseph Grabiec represented the seller, a private investor and procured the buyer, JRK Property Holdings.

Built in 1973, Rancho Solana is located on Alvarado Street in central Oxnard near high-end retailers, restaurants and grocery stores.

“Over the past several years, Ventura County’s economy has dramatically shifted from a region highly dependent upon government-funded aerospace and defense programs to being a leading center for high-tech, telecommunications, clean energy and healthcare,” says Green.

“Highly educated professionals are migrating to the area to take advantage of the salaries offered by these businesses,” adds Grabiec.

The headquarters of many well-established companies are within a short drive of Rancho Solana. These include Amgen, Baxter, General Dynamics Corp., Ixia, Verizon, WellPoint, JD Power & Associates, Teledyne Technologies, ValueClick, Volkswagen, Audi, Jafra Cosmetics, Kythera Biopharmaceuticals and the Dole Food Co.

“This was a great disposition for my client to kick-off the down-leg of a 1031 exchange. Because the parties worked well together, we were able to facilitate a smooth closing,” adds Andrew Kirsh, attorney at Sklar Kirsh LLP representing the seller.

Rancho Solana consists of 15 buildings totaling 144,090 net rentable square feet situated on 3.8 acres. The property features controlled access, a swimming pool and spa, a playground, barbecue area, sports court and covered parking. Apartment homes feature one-, two- or three-bedroom floor plans. The average unit size is 858 square feet.