Thousand Oaks’ multifamily submarket fundamentals are outstanding with 94.3% occupancy levels and impressive double-digit rent increases in 2022 with very limited new supply in the development pipeline. More than 34% of the entire Conejo Valley’s planning area is set aside as natural area which has preserved the region’s scenic landscape and severely limited the land available for new development.
As of October 2023, the Property is 71.16% leased with an estimated net income from existing operations of approximately $566,134 (Pro Forma $772,568). To facilitate the near-term redevelopment of the Property, the Seller has completed the lease termination amendments which will allow 325 E Hillcrest and 275 E Hillcrest to be fully vacant no later than May 2025.
Situated in the heart of the Conejo Valley in Ventura County, Thousand Oaks offers its residents an exceptional quality of life with beautiful surroundings, a favorable Southern California climate, and top-ranked schools. The City’s diversified economy is home to a number of high-tech and biotechnology companies and has been dubbed “the next Silicon Valley.” Thousand Oaks is within commuting distance of western Los Angeles County.
Kamran Paydar
CBRE, Inc.
