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Northwestern Mutual Divests MF in Oxnard for $92M

The Artisan at East Village, a 272-unit garden-style multifamily property in Ventura County, CA, traded hands for $92.25 million. The seller was Wisconsin-based Northwestern Mutual, while the buyer was an undisclosed California-based private capital investor.

Located at 2060 Zocolo St., the property is 10 minutes from Oxnard beaches, between Santa Barbara and Los Angeles. This high barrier-to-entry market, due to the S.O.A.R. initiative, has led to a constrained multifamily development pipeline, creating robust market demand.

Berkadia’s Joe Leon, Michael Thagard, Jim Fisher and Mike Smith completed the sale on behalf of the seller.

“The property had over 35 tours and 20+ written offers from qualified buyers. This was in large part due to the exceptional quality of construction and the fact the property was offered below replacement costs,” said Fisher.

Leon added, “The completion of the Artisan at East Village sale during the midst of the coronavirus crisis speaks to the high quality of the asset and to the high quality of the buyer.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.