Danco, a developer of affordable housing, purchased a plot of land in Moorpark that was slated to be used for 200 multifamily units.
Vendra Gardens, a proposed affordable housing development at 150 Casey Road, spans over 18 acres. Vendra Gardens, estimated to be worth $146 million when completed, will include 80 one-bedroom apartments, 68 2-bedroom apartments, and 52 3-bedroom apartment, as well as a 2,500 square foot leasing building and an 2,500 square foot amenity building.
Six acres of land in the southern part of the project are to be returned as city owned land.
Matt Benwitt, a Lee & Associates LA North/Ventura Associate, and J.C. Martin represented the buyer. Essex Property Trust was the seller.
Vendra Gardens, Danco's one and only Southern California project in development, is now in pre-development. Nine projects are under construction in Northern and Central California, and nine more are in pre-development.
California Debt Limit Allocation Committee provided the funding for this project through tax credits. A grading permit was issued. About 65% of units will be made available to those earning between 30% and 60% of the median income in the area.
The property is located centrally in the Conejo Valley and is close to Walnut Canyon School as well as the Moorpark City Hall Library, Moorpark City Hall and the U.S. Postal Service.