Sandpiper Capital Partners has purchased the 37-room Leewood Hotel in downtown Ventura from its longtime owner and plans to convert it to an apartment complex.
The firm purchased the property for just under $2.7 million, Justin Egerer, founder and managing member of Sandpiper Capital Partners, said in an email to the Business Times. The property is currently being operated as an extended-stay hotel, he said, but the firm plans to make upgrades throughout the building in an effort to “offer quality long-term residents a much-needed option in the downtown market.”
The deal is part of Sandpiper’s “investment strategy of acquiring well-positioned properties in growing segments of the market,” Egerer said in a statement. “The downtown Ventura area is currently in the middle of a revitalization plan which will include multiple new properties, city parks, and improved beach access. Nationwide we are seeing an urbanization to redeveloped downtown districts which offer residents shopping, restaurants and employment within walking distance of their residence. We are very excited to participate in this process of making downtown Ventura the most vibrant downtown in the county.”
The acquisition of the hotel, located at 732 E. Santa Clara St., marks Sandpiper’s third property transaction in Ventura County this year.
The hotel dates to the early 20th Century and housed military personnel during both World Wars, according to Sandpiper.
[EDITOR'S NOTE: This story was updated at 5:30 p.m. with the purchase price and additional information about Sandpiper's plans for the property.]