Lee & Associates LA North/Ventura recently completed the sale of developable land that will be utilized for a 200-unit affordable multifamily housing site located at 150 Casey Road in Moorpark. Lee & Associates-LA North/Ventura Associate Matt Benwitt along with J.C. Martin facilitated the sale on behalf of the buyer, Danco, an affordable housing developer. The seller was Essex Property Trust. The entire site spans 18 acres with six acres provided to the City of Moorpark. Upon completion, its estimated value is $146 million.
“Affordable housing is a critical need in California,” said Benwitt. “This development will provide a much-needed resource for the community. It was a great pleasure to work with the buyer and seller on this as it was a collaborative effort that required a lot of joint work, but met both of their needs.”
The proposed affordable development, Vendra Gardens, is centrally located in the bustling Conejo Valley with easy access to area services including Walnut Canyon School to the west, Moorpark City Hall to the east, Moorpark City Library to the southeast, and the United States Postal Service to the South. The development consists of 80 one-bedroom/one-bathroom units, 68 two-bedroom/two-bathroom units, and 52 three-bedroom/two-bathroom units in addition to a 2,500 square foot leasing building and a 2,500 square foot amenity building. The focus of the layout will include vibrant landscaping, impromptu public spaces that encourage resident interaction, and contemporary building exteriors reflective of local vernacular and massing in a classic color palette.
The funding for the project was provided through tax credits by the California Debt Limit Allocation Committee and a grading permit has been issued. The units will be available for those who make 30 to 60 percent of the Area Median Income (AMI), which will account for 65% of the total project.
The project is currently in the pre-development phase. Interested parties can visit https://www.danco-group.com/projects/vendra-gardens for more information.
