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**Hillcrest Apartments Development Secures $182M in Financing in Thousand Oaks**
A major boost to multifamily housing in Thousand Oaks is underway, as JLL Capital Markets has arranged $182 million in construction financing and joint venture equity for the development of Hillcrest Apartments. The 333-unit project will rise across from Amgen’s headquarters, contributing much-needed rental inventory to a high-demand submarket in Southern California.
The funding package includes a $117.2 million senior loan from Bank OZK, with additional capital provided by Affinius Capital and Peakhill Equity Partners. The financing was secured on behalf of developer The Latigo Group, with JLL’s Bercut Smith, Managing Director, and Matt Benson, Senior Director, leading the effort.
Located at 2150 W. Hillcrest Drive, the Hillcrest Apartments project is strategically positioned with direct access to US-101. The area, with median home prices exceeding $1,050,000, provides a compelling alternative to homeownership, offering quality rental options at a relative discount.
“Despite limited capital flows to development projects right now, the market for senior and subordinate financing remains very liquid,” said Smith. “Select projects are still able to attract strong interest from joint venture equity providers.”
The development underscores continued investor confidence in well-located multifamily housing, particularly in undersupplied and high-cost markets such as Thousand Oaks.
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