The Latigo Group has started work on a 142-unit multifamily development northwest of Los Angeles, upon receiving a $59 million construction loan, as most construction projects forge ahead in Southern California. A publicly traded REIT and a life insurance company provided the financing, which was arranged by Dekel Capital.
The 3.2-acre, mixed-use project in Thousand Oaks will provide 9,820 square feet of ground-floor retail and 239 parking spaces in addition to the apartment homes. Located at 299 E. Thousand Oaks Blvd., the site is just north of U.S. Route 101 and lies within a 3.5-mile stretch of land between Duesenberg Drive and Moorpark Road that the city has designed for pedestrian-friendly development. Nearby landmarks include The Oaks Malls and the Thousand Oaks Civic Arts Plaza
The four-story property will offer studio, one- and two-bedroom units that will be marketed at an attainable price point for two-income working households, with 11 affordable units for low-income families. The project will also feature “smart” technology such as keyless entry and remote thermostat control. Amenities will include a 3,000-square-foot fitness center, pool and garden courtyards.
