Affinius Provides $55M Preferred Equity Investment for L.A.-Area Apartments
By Isabelle Durso June 23, 2025 11:44 am
reprints
The Latigo Group has secured funding for its ground-up development of Hillcrest Apartments, a multifamily project in the Los Angeles suburb of Thousand Oaks, Calif., Commercial Observer has learned.
Affinius Capital announced Monday it will invest $54.7 million of preferred equity for the development, while Bank OZK originated the senior loan. The financing was arranged by JLL’s Bercut Smith, according to the announcement.
Latigo plans to use the funding to build a four-story, Class A multifamily property at the intersection of Hillcrest Drive and Rancho Conejo Boulevard. The project will feature 333 luxury residential units and ground-floor retail, according to the announcement.
“Hillcrest Apartments will help fill the need for high-quality multifamily properties in a historically supply-constrained market,” Mario Morales, executive director at Affinius, said in a statement. “We are dedicated to beginning our partnership with Latigo, who builds exceptionally high-quality product, and look forward to benefiting from their local expertise in the Thousand Oaks market.”
The loan amount from Bank OZK was unclear. Spokespeople for Bank OZK, Latigo and JLL did not immediately respond to requests for comment.
The project, which is scheduled for completion in the first quarter of 2028, will include apartments ranging from one- to three-bedroom units, as well as balconies and in-unit washers and dryers, the announcement said.
The development’s amenities will also include a rooftop terrace, a swimming pool, a fitness center, coworking spaces, a wellness center and even a multi-sport simulator.
News of the funding comes after Latigo secured $59 million in construction financing for another California project in April 2020, as Commercial Observer previously reported. The deal was for a 142-unit, 152,000-square-foot multifamily development in the northwestern part of Greater Los Angeles.
Isabelle Durso can be reached at idurso@commercialobserver.com.
