Latigo Group Lands Financing for Los Angeles-Area Project
- Apr 23, 2020
The Latigo Group has started work on a 142-unit multifamily development northwest of Los Angeles, upon receiving a $59 million construction loan, as most construction projects forge ahead in Southern California. A publicly traded REIT and a life insurance company provided the financing, which was arranged by Dekel Capital.
The 3.2-acre, mixed-use project in Thousand Oaks will provide 9,820 square feet of ground-floor retail and 239 parking spaces in addition to the apartment homes. Located at 299 E. Thousand Oaks Blvd., the site is just north of U.S. Route 101 and lies within a 3.5-mile stretch of land between Duesenberg Drive and Moorpark Road that the city has designed for pedestrian-friendly development. Nearby landmarks include The Oaks Malls and the Thousand Oaks Civic Arts Plaza.
The four-story property will offer studio, one- and two-bedroom units that will be marketed at an attainable price point for two-income working households, with 11 affordable units for low-income families. The project will also feature “smart” technology such as keyless entry and remote thermostat control. Amenities will include a 3,000-square-foot fitness center, pool and garden courtyards.
Meeting a need
The Latigo Group, a real estate investment and development firm with other ground-up projects in California and Florida, is considering restaurant and coffee shop concepts to activate the street outside the new development. Thousand Oaks, with a population of around 128,000, is the second-largest city in Ventura County but has been hampered by a lack of new housing over the past decade.
Construction is permitted as an essential service by the state of California, unlike New York State, which has halted most construction projects amid coronavirus concerns. However, California’s Bay Area has banned nonessential construction through May 3.