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For a song, and $81.5M: L.A. firms buy Serenade apartments.

By   /   Monday, September 13th, 2010  /   Comments Off on For a song, and $81.5M: L.A. firms buy Serenade apartments.

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When the Seranade apartment complex in Oxnard’s RiverPark development was sold Sept. 2 for $81.5 million, it was the biggest apartment sale in Ventura County in years. It was also a bet by its new owners that Oxnard has enough white-collar workers to support the 400-unit luxury complex.

Three Los Angeles-area firms — Urban Partners, Capri Capital Partners and Kennedy Wilson — banded together to buy Serenade, a “resort-style” apartment community, from California Urban Investment Partners.

RiverPark is a 702-acre master-planned and mixed-use community along Highway 101 in Oxnard. The Serenade apartments encompass 14 residential buildings and have access to a fitness center, clubhouse, pool, spa and 1.3-acre-public park. They are the only for-rent residences in the development, which also includes single-family homes, townhomes, schools and a retail center called The Collection at RiverPark.

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