Lee & Associates LA North/Ventura office recently closed a complex transaction involving two adjacent parcels in Thousand Oaks, California. Representing both the buyers and seller, John Battle of Lee & Associates was able to successfully arrange the deal for MBK Rental Living and MG Hospitality. The 10-acre site includes a fully entitled mixed-use development with 218 apartments (12% affordable) plus a 120-room Marriott Residence Inn at 1872 Newbury Road.
The complexity of this transaction was due to two small structures onsite deemed historical in nature as well as infrastructure requirements that needed simultaneous completion by the city. Once completed, it is estimated that this development will be valued at over $150 million dollars. MBK Rental Living’s multifamily complex will consist of studio, one-, and two-bedroom units while repurposing the historical structures into the community room and leasing office space respectively.
