Two Ventura County Apartment Properties Refinanced for Nearly $130M
- May 24, 2016
Thousand Oaks, Calif.—HFF has arranged $129.8 million in financing for two apartment properties, both in southern California. The communities are The Knolls and Westlake Canyon, which total 672 units in Thousand Oaks, a city in southeastern Ventura County in greater LA.
Working on behalf of the borrower, a joint venture between institutional investors advised by J.P. Morgan Asset Management and SARES-REGIS Group, HFF placed the five-year, floating-rate loan with a national bank. Loan proceeds were used to pay off maturing debt and fund future planned capital improvements.
The Knolls and Westlake Canyon are adjacent properties, located at 2544 Vista Wood Circle and 2338 Fountain Crest Lane, respectively. They are northeast of the intersection of California 23 (Moorpark Freeway) and US 101 (Ventura Freeway) and have access to retail, nature trails at the Santa Monica National Recreation Area, and other activities.
Common amenities at The Knolls include two swimming pools, four spas, a fireside lounge, clubhouse with library, fitness center, two racquetball courts and lighted tennis court. Westlake Canyon features a heated swimming pool, spa and fitness center.
J.P.Morgan Asset Management – Global Real Assets has more than $90 billion in assets under management; SARES-REGIS Group has acquired or developed about 19,000 multifamily units and 44 million square feet of commercial properties since 1993.
The HFF debt placement team representing the borrower was led by Executive Managing Director Mike Tepedino, Senior Managing Director Kevin MacKenzie, Managing Director Charles Halladay and Director Brian Torp.