LOS ANGELES, CA - JRK Property Holdings has made its second significant investment in the Southern California coastal community of Oxnard in the past 18 months with the acquisition of a 168-unit garden style multifamily development. JRK purchased the property from a private investor for $30.7 million.
Built in 1973, Rancho Solana is located at 2444 Alvarado Street bordering RiverPark, a 704-acre master planned community, which includes a complimentary mix of housing, schools, and 14 community parks. The property also is within walking distance of The Collection, a 600,000-square-foot outdoor lifestyle center, one of the premier retail destinations in Oxnard.
Rancho Solana is approximately one mile from Serenade at RiverPark, a 400-unit apartment property acquired by JRK in May 2015, in what was one of Southern California largest apartment transactions of the year.
Rancho Solana boasts a mix of one-, two- and three-bedroom units ranging in size from 695 to 1,085 square feet in 15, two- and three-story buildings on a low-density 3.81-acre site. The property also features controlled access, swimming pool and spa, barbecue area, sports court, children’s playground and covered parking. The property was 99 percent leased at closing.
“Rancho Solana provides us with a unique opportunity to acquire another sizeable asset in Oxnard where we can benefit from economies of scale to minimize operating costs and deliver quality rental housing in a supply constrained market,” said JRK Senior Vice President and Head of Acquisitions James Bloomingdale. “We intend to implement a strategic interior unit modernization and common area improvement program to better suit the increasing affluence of Oxnard’s rental pool.”
Oxnard has experienced steady population growth of nearly 10 percent over the last decade. In the past three years, median household income has grown by 7.3 percent. Yet, Oxnard suffers from a severe lack of recently built institutional quality product and there is little supply in the pipeline to meet the demand for rental housing in the area, according to Bloomingdale. Only seven apartment buildings of 50 units or more have been built since 2000.
Gregory Harris, Kevin Green and Joseph Grabiec in IPA’s South Bay Office represented both parties in the transaction.
About JRK Property Holdings: JRK Property Holdings is a Los Angeles-based real estate investment firm. Backed by approximately $5 billion of investment capital, JRK’s portfolio includes 32,000 multifamily units, and luxury and flagged hotels located throughout the United States.