A nearly 10-acre site in Thousand Oaks could soon be headed for development after it was recently sold. According to public records, the property – which consists of two separate parcels slated for both housing and hotel space – was sold to MBK Rental Living and MG Hospitality for a combined price of $21.7 million. The seller in the transaction was Daylight Thousand Oaks LLC, an entity that shares an address with Los Angeles-based Daylight Investors.
The development site is located at 1872 Newbury Road and consists of a 7.1-acre housing development site and a three-acre site slated for a hotel development. Public records show that the larger of the two sites was sold to MBK Rental Living for $16.5 million, while the remaining site sold to MG Hospitality for $5.2 million. In 2021, the site was placed up for sale, according to The Registry’s previous reporting. The property was marketed by Lee & Associates.
The larger 7.1-acre parcel is entitled for a residential building with 218 apartment units, 12 percent of which will be set aside as affordable. Plans for residential units call for a mix of studio, one- and two-bedroom apartment units. The remaining parcel will be developed with a three-story, 120-room hotel.
The project will also include a variety of amenities, including outdoor common areas, an outdoor pool, barbecue grills, lounge areas, a fitness center and meeting rooms. In addition, the project will include 153 parking spaces.
The site is located next to Interstate 101 and is within walking distance of many dining and shopping amenities. Located in Thousand Oaks, the community is also the second largest in Ventura County and is home to major biotech companies, such as Amgen. Large employment centers, like Conejo Spectrum, are also within close proximity of the site.
