The land where the Caruso company’s The Lakes retail center is located in Thousand Oaks will be sold to Rick Caruso’s company in a deal that will allow the real estate developer to add a six-story residential apartment building to the site.

Caruso plans to build up to 165 residential units on the 7.5-acre commercial parcel behind the mall. The Thousand Oaks City Council approved the deal in a 3-2 vote on Nov. 30.

Read the full story in the Jan. 17 issue of the San Fernando Valley Business Journal.