Construction is booming in Agoura Hills, CA on a newly built apartment complex amid Covid-19. Please find original article here by Thousands Oaks Acorn.
As most residents have remained home over the past two months, construction in the city has continued unimpeded.
Work is proceeding at a brisk pace at 299 E. Thousand Oaks Blvd., the site of the city’s second mixed-use development (142 apartments and 10,000 square feet of retail shops and restaurants).
The first, at 1710 E. T.O. Blvd. (36 apartments, 5,200 square feet of retail), better known as the Lupe’s project, is nearing completion at the intersection of Erbes Road, where the city is completely redoing the roadway. Owners say they hope to begin leasing in late summer/early fall.
Leasing is already underway at 77 North, the name given to Thousand Oaks’ newest apartment complex on Conejo School Road just down the street from The Lakes shopping center.
Approved in 2016 and set to open in June, the 40-unit luxury complex has rents ranging from $2,395 for a 780-square-foot one-bedroom apartment up to $3,750 for a 1,280-square-foot two-bedroom, according to apartment.com.
According to LoopNet.com, the building itself is for sale. It is being offered at $21.5 million.
Funding was a big piece of the puzzle for the investment group behind 299 E. T.O. Blvd.
In March it was announced the project just down the street from Moorpark Road and across the street from Tarantula Hill Brewing Co. had received $59 million in financing from a publicly traded real estate investment trust and a life insurance company.
“Despite the havoc that has literally shut down the real estate industry by the COVID-19 pandemic, our two lenders closed and funded their capital,” said Shlomi Ronen, principal at Los Angeles-based Dekel Capital, the firm that helped secure the loan. “Amid the state lockdown and with financing in place, our client was able to move forward, taking all the necessary and appropriate steps to protect the workers, in order to address this housing need as soon as possible.”
Construction on the 80,000-square-foot, four-story development is expected to take at least a year or longer to complete. The 3.2-acre site was formerly home to an auto dealership and body shop.
Of the complex’s 142 apartments, 11 will be set aside for income-qualifying clients, part of the developer’s deal with the City of Thousand Oaks, which also included a one-time payment of $1.25 million that can be used for community needs.
Tenants will be able to take advantage of a 3,000-square-foot fitness center, pool and garden courtyard. The developer, Latigo Group, is promising state-of-the-art smart technology, such as keyless entry and remote thermostat control, for all residents, according to a news release.
Regarding the retail element, the developer is looking at a variety of dining options, including two restaurants and a specialty coffee shop, the release says.