A joint venture between Universe Holdings and Hanover Financial has acquired Capes at Ventura, an apartment community in Ventura, Calif., for $100 million. Preferred equity was provided by Essex Property Trust. This purchase represents one of the largest transactions for Universe in the last several years.
Universe Holdings plans on investing $6.5 million in renovations to the property, updating unit interiors and the community’s exterior. Apartment improvements will include upgrading kitchen cabinets and installing Caesarstone countertops, stainless steel appliances, new plank flooring, two-tone paint and fixtures in the bathrooms and kitchens. Exterior enhancements will include renovating the fitness center, updating the courtyard and landscaping, and adding in pool cabanas.