CBRE announced the sale of the Sycamore Drive Community Center site in Simi Valley, CA to a joint venture between USA Properties Fund and the Area Housing Authority of the County of Ventura (AHA) for $21 million. The new owner plans to develop two multifamily communities on the 13-acre lot.
CBRE’s Laurie Lustig-Bower and Kadie Presley Wilson represented the seller, Rancho Simi Park and Recreation District. Gary Seaton of NAI Capital represented the buyer.
The property, located at 1692 Sycamore Drive, had been the former headquarters for the Rancho Simi Recreation and Park District since 1966. The division has since moved their offices to a new location. USA Properties Fund and AHA purchased the land as a development opportunity with plans to construct a 311-unit apartment community, including 98 apartments allocated to low income seniors.
Over the last two and a half years the buyers have worked hand-in-hand with the seller through the entitlement process with the city. “It has been an honor to represent the Park District in this transaction that facilitates its goal to enhance recreational services in the community now and in the coming years,” said Lustig-Bower.
