Lee & Associates’ LA North/Ventura office recently closed a complex transaction involving two adjacent parcels in Thousand Oaks, CA. Representing both the buyers MBK Rental Living and MG Hospitality as well as the undisclosed seller, John Battle of Lee & Associates was able to successfully arrange for this 10-acre site which includes a fully entitled mixed-use development and will also feature a 120-room Marriott Residence Inn at 1872 Newbury Road.
The multifaceted deal included two small structures that were deemed historical in nature, plus an additional requirement by the city that all infrastructure work be completed simultaneously. Once complete, this project is estimated to exceed $150 million with 218 apartments (12% of which are affordable) plus the hotel onsite. The repurposed historical structures will serve as community room and leasing office respectively for MBK Rental Living’s studio-, one-, and two bedroom units.
Image courtesy of pk:architecture
