SOURCE: Urban Partners

Urban Partners

April 23, 2012 12:15 ET

Urban Partners, LLC and Plaza Development Sell Mosaic Apartments Development for $10 Million

LOS ANGELES, CA--(Marketwire - Apr 23, 2012) - Urban Partners, LLC, a premier West Coast real estate investment and development firm and Plaza Development Partners, today announced the sale of two fully-entitled lots that will comprise the 224-unit Mosaic Apartments development located in Oxnard, Calif. Sold in an all-cash transaction of $10 million, the property sale represents an exponential return on invested capital.

The Mosaic Apartments site sits within the award-winning $750 million master-planned RiverPark community, co-developed by Urban Partners and Plaza Development Partners. Over the past two years, Urban Partners and Plaza Development have designed, entitled and permitted the Mosaic Apartments development. The Mosaic Apartments development offers residents thoughtful amenities and is walking distance to the 600,000 square-foot retail area known as The Collection at RiverPark.

"Rising employment coupled with rent inflation in the area created a profitable opportunity for this sale and we are pleased construction will soon begin on this high-quality residential development," said John Hrovat, Principal at Urban Partners. "This sale and subsequent development further validate the success of the 10-year effort of the Urban Partners and Plaza Development Partners teams to complete the RiverPark master-planned community."

The RiverPark community is the largest mixed-use development in Ventura County history and contains a complimentary mix of housing, office, retail, schools and parks. Due to Urban Partners and Plaza Development's in-depth knowledge of the RiverPark community, the team specifically defined the appropriate demographic target and unit mix that are needed within this highly-desirable community.

Once complete, the four-building Mosaic Apartments development will feature studio, one- and two-bedroom apartments for rent, in addition to a resort-style pool and spa, outdoor lounges with fireplaces, a private clubroom with a gourmet kitchen, and a fitness studio. Construction will commence in the second quarter of 2012 and is scheduled to be completed in Q3 2013.

About Urban Partners, LLC
Urban Partners is a full service real estate planning, investment, development and management firm. Company headquarters are in the historic Bradbury Building in downtown Los Angeles. The company pursues select market niches where complexity or innovation creates exceptional potential for its partners and clients. Urban Partners' expertise in urban infill development has allowed the firm proprietary deal flow and excellent opportunities for its partners. With highly-specialized expertise in urban entitlement processes, complex financial structures and alternative construction methods, Urban Partners identifies unique opportunities resulting in competitive quality and marketing advantages and superior financial performance.

About Plaza Development Partners
Plaza Development Partners is one of the largest development firms in Ventura County. Company headquarters are in Oxnard California. Plaza Development is involved in projects that account for about one-sixth of the developable acres in Ventura County. Plaza Development Partners has begun the transformation of downtown Oxnard into a busy shopping, dining and popular culture destination, with the Downtown Entertainment District. Plaza Development Partners have been active locally in owning, farming, managing, buying, selling, entitling and developing land for the last 35 years.

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