10 Acres in Suburban SoCal Set for $150M Mixed-Use Project
By Greg Cornfield April 12, 2023 4:35 pm
reprints
Two Orange County, Calif.-based investment firms have acquired nearly 10 acres in Thousand Oaks, where they plan to add a $150 million development with more than 200 apartments and a 120-room hotel.
MBK Rental Living, a subsidiary of MBK Real Estate, and MG Hospitality paid a combined $20 million for two adjacent parcels at 1872 Newbury Road, which are fully entitled for the mixed-use development, Lee & Associates announced. Construction is expected to begin in summer 2024, adding 218 rental units — 12 percent of which will be designated as affordable housing — and a three-story Marriott Residence Inn.
Conejo Valley Unified School District sold the property in 2015 for a commercial development. But, amid the growing housing crisis, officials in the city between Los Angeles and Santa Barbara wanted to increase housing opportunities after the COVID-19 pandemic. The two existing historical structures on the site will be repurposed as a community room and the leasing office.
“This was a particularly complex transaction given it involved two separate but adjacent parcels, which were vacant, with the exception of two small structures that were both deemed historical in nature, and a requirement by the city that all infrastructure work for both parcels be completed simultaneously,” said Lee & Associates’ John Battle, who represented both the seller and buyer with Mike Tingus and Matt Benwitt. “As a result, there were a number of moving parts, all of which had to be carefully navigated.”
Agoura Hills-based Pk: architecture designed the development.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
