$69.75M financing secured for California multi-housing community

SAN FRANCISCO, August 18, 2022 – JLL Capital Markets announced today that it has arranged the $69.75 million acquisition financing for The Vines at Riverpark, a 164-unit, two-story, attached townhome community in Oxnard, California.

JLL represented the borrower, Interstate Equities Corporation, to secure a two-year, floating-rate loan through Prime Finance with four one-year extensions.

The property features two- and three-bedroom townhomes with an average size of 1,369 square feet. Units feature private two-car garages, full-size washers and dryers, separate water heaters, central air and heat, front porches or balconies, stainless-steel appliances and granite countertops.

Located at 3040 North Oxnard Boulevard, the property is part of Riverpark, a new, 700-acre, master-planned community that is acclaimed for its open-space planning. The residences of Riverpark are connected through a network of parks, jogging trails, bike paths and playgrounds, all within walking distance of The Collection, a 650,000-square-foot, open-air shopping, dining and entertainment destination. Additionally, residents of The Vines benefit from convenient access to Interstate 101, providing easy connectivity to Los Angeles in one hour, Malibu in 45 minutes and Santa Barbara in 35 minutes.

The JLL Capital Markets Sales and Advisory team representing the seller was led by Senior Managing Directors Peter Smyslowski and Charles Halladay, Director Jonah Aelyon, Associate Spencer Bergthold and Analyst Elijah Lax.

“Vines at Riverpark demonstrates IEC’s unique ability to identify attractive multi-housing investments that yield above market, value-add returns, even in a rising interest rate environment,” said Smyslowski.

“This acquisition presents IEC with an opportunity to provide a single-family home alternative to renters within walking distance to schools, parks and The Collection at Riverpark; a major Lifestyle Center,” said Brendan Gibney, Director at Interstate Equities Corporation. “The Oxnard-Ventura Market has the most severe housing shortage in the United States with an increasingly diverse renter base looking for larger, well-appointed housing with proximity to high-end retail and coastal amenities.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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