Latigo Group has locked in $59 million in construction financing for a 152,000-square-foot multifamily development in the northwestern part of Greater Los Angeles, according to Dekel Capital, which arranged and announced the funding.
Dekel said the financing was provided by a publicly traded real estate investment trust and a life insurance company.
Latigo has started work on the project at 299 East Thousand Oaks Boulevard, which will be the first significant multifamily project in Thousand Oaks since 2007. When it’s complete in 2022, the 3.2-acre site will include 142 units, 9,820 square feet of ground-level retail for restaurant space and a coffee shop, and parking for 239 vehicles. Eleven of the units will be designated as affordable for low-income households.
The four-story property will include studio, one- and two-bedroom units, as well as a 3,000-square-foot fitness center, pool and garden courtyards, and open space.
“The lack of housing construction in Thousand Oaks over the last decade has led to a notable supply/demand imbalance,” said Dekel principal Shlomi Ronen, who arranged the financing, in a statement.
L.A.-based Latigo Group is a privately owned investment and development firm specializing in multifamily, mixed-use, and student housing properties throughout the country.