MBK Rental Living, with joint venture partner Prime Life Technologies Corp., has acquired a 7.1-acre site in Thousand Oaks, California, to develop 218 market-rate and affordable luxury apartments spread across multiple two- and three-story buildings.
“We are elated about this debut community opportunity in Thousand Oaks, which presents an extremely rare chance to live in one of the preeminent Southern California cities known for its high quality of life,” says Ken McCarren, president of MBK Rental Living. “In addition to providing much-needed housing, we are honored to be able to include affordable options in one of the tightest housing areas in the country. We are excited about bringing MBK’s quality and thoughtfully designed apartment living to Thousand Oaks.”
Two structures on the site, a schoolhouse and an auditorium, will be rehabilitated and repurposed as the community’s leasing office, co-working space, clubhouse, and children’s lounge. Originally designed in the mission revival architectural style by Roy C. Wilson, the first licensed architect in Ventura County, the Timber School House was constructed in 1924 and the auditorium in 1948. The buildings became designated historic landmarks in 2004 by the Ventura County Cultural Heritage Board and the Thousand Oaks City Council.
“Through this acquisition and investment, we are able to rebuild and bring back to life these two historical structures, relics of one of the oldest remaining public buildings in the Conejo Valley," says McCarren. "It is not every day a developer has the chance to make and enhance history on their property."
Nestled against the Santa Monica Mountains, the community, designed by pk:architecture and interiors by Design-Art, will offer studio to two-bedroom floor plans. Twelve percent of the residences will be designated affordable housing. Residents will have convenient access to employment centers, schools, retail, and dining. Planned amenities include a private pool and pocket parks. Construction is set to begin in summer 2024.
“This investment remains consistent with our thesis of expanding into strong markets that have shown consistent growth and with this growth we are honored to partner with Prime Life Technologies. The property acquisition adds strategic synergies to MBK Rental Living’s growing portfolio in California,” says McCarren. “We remain disciplined when seeking out opportunities, and this acquisition will allow us to diversify further across geographic locations while adding value and maximizing returns to our trusted investors.”
