
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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