In November of 2021, CGI+ acquired a 170-unit residential community located in the Oxnard market of Ventura County in southern California for $50.7 million in an off-market transaction.
The community was built in 1965 and the majority of the units on the property are 2-story townhomes. At acquisition, 50% of the units had been renovated in addition to the common areas. CGI+ plans to renovate the remaining units and build 12 additional Accessory Dwelling Units on the property. CGI+’s business plans include moving rents on all the units up to market rate, while simultaneously renovating the remaining townhomes.
Located in a strong suburban market of Ventura County, Oxnard has supply constraints that have kept vacancy in the area well below the metro’s average. Oxnard has strong aerospace and defense-focused employment base due to the proximity to the US Navy’s operated Port of Hueneme, such as Northrop Grumman, General Dynamics Corporation, and Astro Aerospace.
|Property Address:||5300 South J St, Oxnard CA|
|Acquisition Date:||November 2021|
|Investment Type:||Residential Value-Add|