Los Angeles—JRK Property Holdings has made their second investment in Oxnard in the past 18 months with the acquisition of Rancho Solana, a 168-unit multifamily development bought from a private investor for $30.7 million.
Located at 2444 Alvarado St., the property features one-, two- and three-bedroom units ranging from 695 to 1,085 square feet in 15 two- and three-story buildings. The 3.81-acre site also offers controlled access, a barbeque area, a children’s playground, a swimming pool and spa, a sports court and covered parking.
“Rancho Solana provides us with a unique opportunity to acquire another sizeable asset in Oxnard where we can benefit from economies of scale to minimize operation costs and deliver quality rental housing in a supply constrained market,” said JRK Senior Vice President & Head of Acquisitions James Bloomingdale. “We intend to implement a strategic interior unit modernization and common area improvement program to better suit the increasing affluence of Oxnard’s rental pool.”
Built in 1973, Rancho Solana borders RiverPark, a 704-acre community, which includes a mix of housing, schools and 14 community parks, The Collection, a 600,000-square-foot outdoor lifestyle center and Serenade at RiverPark, a 400-unit apartment property acquired by JRK in May 2015, which was one of Southern California’s largest apartment transactions of the year.
The property was 99 percent leased at closing. Gregory Harris, Kevin Green and Joseph Grabiec in IPA’s South Bay office represented both parties in the transaction.
“JRK’s acquisition of Rancho Solana reflects a larger push to expand our portfolio within target markets of Southern California,” Bloomingdale told Multi-Housing News. “While we have seen a softening of fundamentals and a contraction in the latest streak of exceptional growth nationally, Southern California has continued to outperform with consistent job growth, effective absorption of new supply and a surging demand for quality multifamily product generating meaningful pricing power.”
Image courtesy of JRK Property Holdings