Jackson Square Properties Acquires Allure At Camarillo Multifamily From Nuveen For $69.5M

The property asset involved in the transaction is a 165-unit multifamily community located at 390 Paseo Camarillo in Camarillo, California. The sale price for this asset was $69.5 million, representing a price per unit of $421,212. The property is situated in a market that has experienced rising local vacancy and development constraints.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $69,500,000
• Buyer: Jackson Square Properties
• Seller: Nuveen
• Units: 165
• Price Per Unit: $421,212
• Lender: M&T Realty Capital Corporation
• Brokers: Geoff Boler, Jonathan Merhaut & Joseph Smolen - Newmark

The deal was facilitated by brokers Geoff Boler, Jonathan Merhaut, and Joseph Smolen from Newmark, who marketed the property on behalf of the seller, Nuveen. The transaction was supported by a $46.75 million bridge loan from M&T Realty Capital, allowing the buyer to implement a transitional plan with potential for value-add opportunities.