LEE & ASSOCIATES LA NORTH/VENTURA CLOSES $10 MILLION TRANSACTION FOR THE CITY OF THOUSAND OAKS

City of Thousand Oaks to Transform School Site to Workforce Housing
THOUSAND OAKS, Calif.–February 2, 2022 -Lee& Associates LA North/Ventura’sPresident Mike Tingus and Principal Jared Smits, negotiated the $10 million dollarsale of384 Erbes Road, a four-acresite that was purchased by theCity of Thousand Oaks. The site will be used to developfor sale workforce housing for the area, a critical need inthe area due to the current lack of affordable housing.

Located in the Conejo Valley, the site previously belonged to The Hillcrest Christian School which recently purchased a larger property to accommodate their increased demand for enrollment.

“The City of Thousand Oaks has set the tone for municipal entities to use quick decision making and their motivation to aid in their community’s housing needs,” said Smits. “This acquisition helps Thousand Oaks fill the state-mandated housing growth requirements, and it was a pleasure to be a part of a development land sale that perfectly fit the needs of both buyer and sellerand our community. It will benefit the community tremendously and provide much needed housing.”

The property received more than 14 offers and the transaction was expedited as a result of the Lee & Associates LA North/Ventura team’s more than 20-year relationship with the City of Thousand Oaks.

“The City’s vision and expedient efforts to consider the importance of providing affordable housing to its citizens should serve as an example to other cities within the state, especially ata time when homeownership is well out of reach for many,” said Haider Alawami, Economic Development Manager, City of Thousand Oaks.

“I can echo how proactive The City of Thousand Oaks was in acquiring the site,” said Tingus. “Any private developer would have required at least 18to 24months of due diligence to navigate the entitlement process, but the City of Thousand Oaks was able to enter escrow, fund, and close the purchase within 180days. This purchase will have long-term beneficial effects on the community of Thousand Oaks, which Lee & Associates –LA North/Ventura has proudly served in for over 35 years.”

MEDIA CONTACTS: Alyson Campbell, acampbell@hoytorg.com Raegan Haggard, rhaggard@hoytorg.com The Hoyt Organization, 310-373-0103 2370 W Carson St Suite 265, Torrance, CA 90501

About Lee & Associates -LA North/Ventura, Inc. Celebrating over 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 1,000 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional, and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail, and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley, and throughout Ventura County. For more information, visit lee-associates.com or follow us on Facebook, LinkedIn, and Twitter.com.

This release was published on openPR.