In November of 2021, CGI+ acquired a 170-unit multifamily 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 with the majority of the units on the property being 2-story townhomes. At acquisition, 50% of the units had been renovated in addition to the common areas. CGI+ is renovating the remaining units and will build 12 additional ADU’s on the property. CGI+’s business plans include moving rents up to market rate, while simultaneously renovating the remaining townhomes.
Located in a strong suburban market in Ventura County, Oxnard has supply constraints that have kept vacancy in the area well below the metro’s average. Oxnard has a strong aerospace and defense-focused employment base due to the proximity to the US Navy’s operated Port of Hueneme, 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|