Ocean Villas apartments in Oxnard.
Marcus & Millichap Inc., based in Calabasas, has brokered the sale of Ocean Villas, a 119-unit residential complex in Oxnard, for $ 39.8 million, or $ 334,033 per unit.
The property is located at 4401 Dallas Drive, 1 mile from the Pacific Coast Highway and 3 miles from the Pacific Ocean. The 23 building complex is located on almost 8 hectares. It has 82 two-room apartments, 36 two-room apartments and one three-room apartment. Selected accommodations have large terraces or balconies. Public amenities include a swimming pool, spa, laundry room and covered parking.
Joseph Grabiec and Kevin Green of Institutional Property Advisors, a division of Marcus & Millichap, and Greg Harris represented the seller Montgomery Partners. The team also brokered the buyer, Interstate Equities Corp.
“Ventura County has the second highest median household income in any Southern California borough and has a limited supply of apartment buildings due to stringent development regulations,” said Grabiec, senior managing director of IPA, in a statement. “This combination has resulted in a strong multi-family business year after year.”
“The mild coastal climate, stable economic base and high quality of life make Oxnard an attractive city for renters, especially those looking for a more spacious environment after the COVID-19 pandemic,” added Green. “A small percentage of the Ocean Villas apartments have been renovated, which enables the buyer to continue the renovation strategy with the majority of the units.”