In one of the largest public-partnerships in the California State University system’s history, CSU Channel Islands in Camarillo closed on the $81 million sale last month of nearly 400 residential units on its campus to Beverly Hills real estate investment firm Kennedy Wilson. As the campus is growing, its board of trustees agreed to sell University Glen’s 386 apartments and for-rent townhomes and about 30,000 square feet of retail space to the investment firm so it could pay off debt and build new properties. CSU Channel Islands will maintain control over 158 apartments which it will lease to faculty and staff, and 58 of those to students. The campus will also sublease the Town Center, which includes the student apartments, restaurants and other businesses. Managing Directors Javier Rivera and Bob Hunt with Chicago-based real estate brokerage Jones Lang LaSalle Inc. arranged the deal and represented the university. Rivera said the university system hired the brokerage to review and advise how it could secure money for its enrollment needs. They suggested selling the apartments and once the university agreed, advertised it to 5,000 potential investors and particularly those interested in Ventura County, Rivera said. “It’s one of the most underinvested counties according to investment guides,” he said. “It gained lots of interest.” The deal kicks off a long-term partnership between Kennedy Wilson and the university campus, Rivera said, because the investment firm bought the buildings and the right to lease them for 82 years, but not the land. Kenney Wilson said it plans renovations to the apartments, which usually precedes rent increases. Rivera wouldn’t say if that was inevitable, but did say the metrics are there for it. “Camarillo has robust markets; recent new developments there have stabilized quickly; there’s not much development (going on) and the market is growing,” he said. “These are fundamentals that lead to rent growth.” Agoura Opening Agoura Apartments, a luxury, condominium-like complex nearing completion on a small parcel just off the Chesebro Road exit of the 101 northbound Freeway, is on the minds of locals. Rick Nielsen, co-owner of the development company, Westlake Village-based Raven Ridge Development, is getting 10 calls a week about the project, he said. “All of them are local residents asking when they’re going to be ready, and they are wanting to move there,” Nielsen said. “Not one person is from outside the area.” He said that is a valid point to raise when residents say new projects will bring more people and traffic. At least in the case of the Agoura project, the callers are already residents and if they move in to the project, the change in population would be a wash. The 18 units at 5250 Chesebro Road are spread across eight, three-story buildings on just under an acre. Like condominiums, each unit has a private, two-car garage, an individual outside entrance and two-story living above. Size of the units range between 1,450 square feet and 1,650 square feet. A condo-like design stemmed from the original property owner, who spent 10 years getting the property entitled, Nielsen said. His first plan was to build a high-end carwash on the site but that was turned down and he switched to residential. After getting it entitled for apartments, his aim was to get it subsequently approved for condominiums, which is why it was designed the way it was, Nielsen added. Nielsen and his business partner David Schuman bought the lot in June 2014 for $2.1 million and decided to keep it as apartments. Rents will range from $3,400 a month to $3,900, he said. “This is for younger families who can’t afford a down payment for a home,” Nielsen said. He expects construction to finish in early November. NoHo ‘on Fire’ Commercial real estate brokerage Cushman & Wakefield in Los Angeles has arranged the sale of several North Hollywood parcels near the city’s Los Angeles County Metropolitan Transportation Authority train station. A 6,768-square-foot parcel at 5047 Lankershim Blvd. sold in July, while a 4,580-square-foot retail building at 5053 Lankershim Blvd. closed earlier this year. “North Hollywood is on fire right now with the continued development of the NoHo Arts District and the recent announcement of the new Metro TOD (transit-oriented development),” said Jason Gancarczyk, who helped broker the deals along with Suzanne Lee, both of Cushman & Wakefield. “More people are going there not only for entertainment but to live and work. We have seen a surge in pricing throughout the area.” Staff Reporter Carol Lawrence can be reached at (818) 316-3123 or [email protected].
