Calabasas-based Marcus & Millichap Inc. has brokered the sale of Ocean Villas, a 119-unit residential complex in Oxnard for $39.8 million, or $334,033 per unit.
Located at 4401 Dallas Drive, the property is located one mile away from Pacific Coast Highway and three miles from the Pacific Ocean. The 23-building complex sits on nearly 8 acres. It has 82 two-bedroom flats, 36 two-bedroom townhomes, and one three-bedroom apartment. Select units include large patios or balconies. Common area 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 procured the buyer, Interstate Equities Corp.
“Ventura County has the second-highest annual median household income of all Southern California counties and a limited multi-housing supply due to strict development regulations,” said Grabiec, IPA senior managing director, in a statement. “This combination has resulted in strong multifamily operations year after year.”
“Oxnard’s mild coastal climate, stable economic base and high quality of life make it an appealing city for renters, especially those seeking more spacious surroundings in the wake of the COVID-19 pandemic,” added Green. “A small percentage of the apartments at Ocean Villas have been renovated, placing the buyer in position to continue the renovation strategy with the majority of the units.”