Matthews™ Brokers $10.1M Sale of Beach-Side California Apartments

Ventura, CA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of Tuscania Apartment Homes, a 35-unit multifamily building located at 248 South Hemlock Street, Ventura, CA. Built in 1965, and positioned minutes away from Downtown Ventura and Ventura beach, the property offers both one and two-bedroom units, with select units offering ocean views. The deal closed at $10,100,000, 10 percent above the final list price. Senior Vice President Daniel Withers, Executive Vice President and Managing Director David Harrington, Senior Associate John Boyett handled the transaction.

 

Matthews™ represented the seller, a California-based investor. Using robust industry knowledge and relationships, agents sourced over 10 offers and achieved a 60-day close.

 

“With our specialized experience, we were able to source multiple offers and create a competitive bidding environment which resulted in achieving a final sales price over the listed price,” Withers said. “Investors see the overall value of investing in a strong coastal community of Ventura which is still relativity close to the greater Los Angeles area and has strong economic and employment growth.”

 

The buyer, also based in California, was sourced through Matthews’ proprietary database. The investor received a valuable multifamily asset in an economically stable and growing submarket of Los Angeles.

 

For more information or to contact Daniel Withers, David Harrington, and John Boyett, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.