CBRE Announces Sale of Office Campus for Multifamily Redevelopment in Ventura, Calif. for $24.3 Million
13 Dec 2021
Deal received multiple offers
CBRE announced the sale of an office campus slated for apartment redevelopment in Ventura, Calif. to a Los Angeles-based private investor for $24.3 million.
Mark Shaffer, Melinda Russell, Anthony DeLorenzo, Gerard Poutier, and Michael Slater represented the seller, a private investor.
Buenaventura Financial Center, located at 255, 260, 290 and 3585 Maple Street, is a garden style office campus on a 7.72-acre infill site. It sits at the end of a cul-de-sac between Ventura’s foothills and coastline. The property is walking distance to Mills Street and the Pacific View Regional Mall. The campus currently is comprised of four buildings totaling 162,717 square feet, situated on four separate parcels.
“The transaction received strong interest and multiple offers,” said Shaffer. “Buenaventura Financial Center attracted robust interest from investors seeking in-place cashflow in a fundamentally sound multifamily redevelopment play.”
Added Russell, "It’s rare that you find a such a significant assemblage of land that supports multifamily development so close to the coast in such an idyllic location. The extreme housing shortage in coastal communities created a competitive bidding situation with groups that were willing to close on the site without entitlements.”
A lack of housing construction in Ventura over the past decade has led to supply-demand imbalance, with apartment occupancy rates in the county at more than 97 percent, according to research.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.