BlackRock Makes Ventura County’s First Unleveraged Institutional Deal

Newmark arranged the sale of Santal Thousand Oaks, a 142-unit mid-rise multifamily property located in Thousand Oaks. The transaction represents the first unleveraged institutional purchase in Ventura County history, according to Newmark.

Vice chairman Jonathan Merhaut, executive vice chairmen Geoff Boler and Joseph Smolen, senior managing director Eugene Chong and director Blake Matsuda advised the seller, The Latigo Group. The buyer was an account managed by BlackRock.

Located at 299 Thousand Oaks Blvd., Santal Apartments was built in 2023 and commands the highest multifamily rents in Ventura County, Newmark said. Reportedly it’s the only multifamily asset delivered in Thousand Oaks in the past 15 years.

“Santal represents a transformative multifamily transaction for Ventura County and Thousand Oaks,” said Merhaut. “This sale marks the first deployment of unleveraged pension fund capital into a multifamily asset in Ventura County. We are thrilled to have facilitated this landmark sale on behalf of The Latigo Group to an account managed by BlackRock.”

Inside The Story

Newmark's Merhaut

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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