A 164-unit Oxnard apartment complex has changed hands for $338,628 per unit, the highest price paid in Ventura County in at least a decade for a property with at least 100 apartments, according to real estate data provider CoStar Group Inc.
Champion Real Estate Development Co. in Los Angeles purchased The Vines at RiverPark from a partnership of Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, both in Oxnard. The price totaled $55.5 million.
The sellers developed the property beginning in 2012 as part of a master-planned community that includes parks, playgrounds, open space and a 600,000-square-foot retail and entertainment complex called The Collection at RiverPark, said Adrienne Barr, a partner at Berkadia’s Westwood office, which handled both sides of the sale.
The 3040 N. Oxnard Blvd. complex was 95 percent leased at the time of sale. It is located near Pacific Coast Highway and the 101 freeway and offers a mix of two- and three-bedroom townhomes with granite kitchen countertops, washer and dryer units, balconies or patios, walk-in closets, hardwood flooring and attached two-car garages.
The purchase was part of a 1031 tax exchange for Champion, which operates and develops retail and multifamily properties throughout Southern California, including 600 E. Olive Ave., a 63-unit complex it purchased in Burbank in 2012.
“They have been known primarily as retail developers, but they are now planting their flag more as apartment developers and owners,” Barr said.