BlackRock Makes Historic Multifamily Acquisition in Ventura County
Newmark has successfully arranged the sale of Santal Thousand Oaks, a 142-unit mid-rise multifamily property located in Thousand Oaks, California. This transaction marks a significant milestone, representing the first unleveraged institutional purchase of its kind in Ventura County history.
The seller, The Latigo Group, was represented by a Newmark team led by Vice Chairman Jonathan Merhaut, Executive Vice Chairmen Geoff Boler and Joseph Smolen, Senior Managing Director Eugene Chong, and Director Blake Matsuda. The buyer was an account managed by global investment firm BlackRock.
Situated at 299 Thousand Oaks Blvd., the Santal Apartments were completed in 2023. According to Newmark, the property achieves the highest multifamily rental rates in Ventura County and holds the distinction of being the only newly delivered multifamily asset in Thousand Oaks over the past 15 years.
“Santal represents a transformative multifamily transaction for Ventura County and Thousand Oaks,” said Merhaut. “This sale marks the first deployment of unleveraged pension fund capital into a multifamily asset in Ventura County. We are thrilled to have facilitated this landmark sale on behalf of The Latigo Group to an account managed by BlackRock.”
The sale of Santal underscores growing institutional interest in high-quality suburban multifamily assets and sets a precedent for future investment activity in the region.
