IS News & Transactions

Berkadia Completes Over $22M Sale of Multifamily Property of Southern California's Coast

2/15/2017


Berkadia today announced the recent $22.25 million sale of Paz Mar Select, a 90-unit, waterfront multifamily property in Oxnard, California. Managing Directors Robin Ossenbeck and Vince Norris from Berkadia’s Los Angeles office represented the seller. 

San Francisco-based Prime Residential sold the property to the Los Angeles-based buyer, Xenon Investment Corp. 

“This was a unique sale, as the buyer, seller and county were all intimately involved,” said Norris. “Paz Mar was a ground lease asset where the seller negotiated an extension to the existing lease for the land owned by Ventura County. The seller, county and buyer worked together to agree upon a renovation plan that would showcase the unique waterfront location.”

“The buyer is expanding their investments in Ventura and Santa Barbara counties and was excited to acquire a rare waterfront location on famous Hollywood Beach,” said Ossenbeck. “Ventura County and other private developers are working to redevelop the area’s harbor, and Paz Mar Select is a large part of that overall plan.” 

Built in 1971, the residences feature one- and two-bedroom floor plans with ocean and harbor views, granite-like countertops with a gas range and a patio or balcony. Select premium units also include a washer and dryer, gas fireplace and crown molding. Residents can enjoy community amenities, such as a pool and spa, waterfront lounge areas, fitness center, a clubhouse with a kitchen and a full-size tennis court. 

Located at 4220 S. Harbor Blvd., Paz Mar Select affords residents convenient access to outdoor activities within walking distance of Hollywood Beach and Channel Island Harbor. Additional nearby attractions include Oxnard Beach Park, Mandalay Beach, Mullin Automotive Museum, Channel Island Maritime Museum and Heritage Square. Top employers in the area include Naval Base Ventura County, Port Hueneme and Amgen Inc.