City Ventures MW Investment Group HCD Investments LLC Acquire Development Site From James Forsythe For $47.3M

The asset involved in this transaction is a development site located at 96 Mac Millan Avenue and 255 West Stanley Avenue in Ventura, CA. The sale price for this property was $47,300,000, with the transaction including the former Washington Elementary site for $8.325 million and a 24.88-acre Education Service Center for $39 million. These properties were sold by the Ventura Unified School District.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $47,300,000
• Buyer: City Ventures, MW Investment Group & HCD Investments LLC
• Seller: James Forsythe - Ventura Unified School District
• Combined sale of two surplus properties
• Funds received by VUSD: approximately $21.5 million in cash plus around 50 completed housing units valued at about $350,000 each

The buyer coalition comprises City Ventures, MW Investment Group, and HCD Investments LLC. The seller, James Forsythe, represented the Ventura Unified School District in this transaction, which facilitates the development of new market-rate and affordable housing within the Ventura region.