Apartment properties trade hands in tight market

Cushman & Wakefield has brokered three multifamily communities in Southern California for a total of $156 million.

The first acquisition was Ventura Pines, a 309-unit apartment complex in Ventura, purchased by Coastline Capital Partners for $50 million. Built in 1971, Ventura Pines is located at 1241 Petit Ave. and is situated on more than 12 acres, featuring five courtyards, each with a resort-style pool, landscaped gardens and large open-air cabanas.

JSB Trust sold the asset.

In the second transaction, AEW Capital Management purchased Waterstone at Moorpark, a 5-year-old community featuring 312 units. Built in 2001, the property is located at 4767 Moorpark Ave. in Moorpark, about 25 miles from Ventura. Pacific Property Co. sold the asset for $63 million.

In the third transaction, Tropicana Gardens, located at 6585 El Colegio Road in Santa Barbara, was sold by United Services to United Campus for $43 million. The property features 109 units and approximately 450 student housing beds.

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