Berkadia to market institutional-grade, Class A multifamily investment in Ventura County, California

LOS ANGELES - Oct. 17, 2014 - PRLog -- Berkadia Commercial Mortgage LLC (Berkadia) announced today the exclusive listing of The Vines, a newly constructed Class A multifamily property in West Ventura County, California. Adrienne Barr, senior vice president in Berkadia’s West Los Angeles office, will market the 164-unit, townhome-style community. Members of Berkadia’s mortgage banking team—Vice Presidents Ed Zimbler and Allan Freedman of the Berkadia’s West Los Angeles office and John Koeijmans of the Dallas office—will also help bring the property to market.

The Vines is located in the RiverPark master-planned community in Oxnard, California. The property was constructed by Corona RiverPark Promenade in two phases between 2013 and 2014. To facilitate lease up, asking rents currently range between $2,250 and $2,820 per month, with full occupancy expected to be reached in January 2015. The competitive rents offer additional rental upside for a new owner once the institutional-grade asset is purchased and leases rollover.

“The acquisition of The Vines is a unique opportunity for investors given the elevated incomes, but still out of reach home prices in the Ventura County-bedroom community,” Barr noted. “Average household income in Ventura County is approximately $95,000 annually, nearly 20 percent more than Los Angeles County incomes. Nevertheless, the median home price exceeds $600,000 in Ventura County, pricing many families out of the single-family market and supporting Class A rental demand.”

In addition to condo-quality finishes, The Vines is a unique multifamily asset due to the size and privacy of the units. The two- and three-bedroom floor plans range in size from 1,200 to 1,500 square feet. Each two-story unit offers private, attached, two-car garages. Additionally, the townhome-style layouts are similar to single-family homes, with no neighboring units above or below.

Each unit offers high-end construction and details. The fully equipped kitchens feature granite countertops and backsplashes, brushed-nickel hardware and fixtures, espresso-colored cabinets, Energy Star appliances and vinyl wood-plank flooring. Most units have separate, over-sized laundry rooms with washers and dryers. All units have balconies or front porches, walk-in closets and double-sinks in the master bedrooms. The Vines is less than a quarter-mile walk from The Collection, Ventura County’s luxury shopping, dining and entertainment district, which hosts Whole Foods, Cinemark 16 Theaters, Target, REI, 24-Hour Fitness, Starbucks, H&M and other national retailers.

“This transaction is expected to attract buyers both nationally and internationally, and will set the bar for best-in-class multifamily investments in the supply-constrained Ventura County market,” Barr added.

The Berkadia investment sales and mortgage banking teams will bring the property to market unpriced. All bids are due Tuesday, Oct. 28. For more information regarding The Vines please visit TheVines.BerkadiaREA.com or Berkadia.com.