MBK Rental Living and MG Hospitality have acquired a pair of adjacent parcels in a tricky transaction arranged by the LA North/Ventura office of Lee & Associates. The site includes a fully entitled mixed-use development and will also feature a 120-room Marriott Residence Inn at 1872 Newbury Road in Thousand Oaks, CA.

“This was a particularly complex transaction given it involved two separate but adjacent parcels, which contained two small structures that were both deemed historical in nature, and a requirement by the city that all infrastructure work be completed simultaneously,” said Lee & Associates’ John Battle who represented both the buyers and undisclosed seller along with the firm’s Mike Tingus and Matt Benwitt.

Once completed, the 10-acre site will house 218 apartments, of which 12% will be affordable, plus the Hotel, and will be valued in excess of $150 million. The multifamily complex, developed by MBK Rental Living, will consist of studio, one- and two-bedroom units and the historical structures will be repurposed as the community room and leasing office.

Image courtesy of pk:architecture

Meet CRE experts like Marcus & Millichap President & CEO Hessam Nadji by joining us in person at Connect LA on May 3 at the Hotel Indigo.