Developers sell RiverPark apartment project for $10M
The 224-unit Mosaic Apartments project in Oxnard’s RiverPark development has changed hands for $10 million.
Real estate investment and development firms Urban Partners, LLC and Plaza Development Partners said the two fully-entitled lots were sold in an all-cash deal to Arizona-based The Wolff Co.
“The property sale represents an exponential return on invested capital,” the sellers said in a news release.
The apartment project is entitled for four buildings of studio, one- and two-bedroom rental apartments. Construction is slated to start this quarter and to be wrapped up by the third quarter of 2013.
“Rising employment coupled with rent inflation in the area created a profitable opportunity for this sale and we are pleased construction will soon begin on this high-quality residential development,” Urban Partners Principal John Hrovat said in a news release. “This sale and subsequent development further validate the success of the 10-year effort of the Urban Partners and Plaza Development Partners teams to complete the RiverPark master-planned community.”