Newmark Arranges Sale of Santal Thousand Oaks, a Premier Ventura County Multifamily Property

October 23, 2025 9:00 AM

Newmark announces the Company has arranged the sale of Santal Thousand Oaks, a best-in-class, 142-unit mid-rise multifamily property located in Thousand Oaks, California. The transaction represents the first unleveraged institutional purchase in Ventura County history[1].

Newmark Vice Chairman Jonathan Merhaut, Executive Vice Chairmen Geoff Boler and Joseph Smolen, Senior Managing Director Eugene Chong and Director Blake Matsuda advised seller, The Latigo Group. The buyer was an account managed by BlackRock.

Located at 299 Thousand Oaks Boulevard, Santal Apartments was built in 2023 and boasts the highest multifamily rents in Ventura County. The property features elevated designer finishes and unparalleled amenities, including a pool, fitness center, coworking space and fully leased ground floor retail. As the only multifamily asset delivered in Thousand Oaks in the last 15 years, Santal stands out in an undersupplied market that has seen just 11 new communities since 1990, averaging 55 units per year.

“Santal represents a transformative multifamily transaction for Ventura County and Thousand Oaks,” said Merhaut. “This sale marks the first deployment of unleveraged pension fund capital into a multifamily asset in Ventura County. We are thrilled to have facilitated this landmark sale on behalf of The Latigo Group to an account managed by BlackRock.”

In the second quarter of 2025, U.S. multifamily demand surged to an all-time high annual absorption of 794,160 units, up 11.1% from post-Covid peaks, while supply declined to 108,715 units quarterly and is projected to slow further, leading to a vacancy rate drop to 4.3%, according to Newmark Research. Effective rent growth remained steady at 0.8% year-over-year, with the strongest increases in major markets such as San Francisco, Chicago and New York, despite record demand levels. Debt originations gained momentum with a 43% year-over-year increase in the first half of 2025, driven by GSEs, debt funds, and insurers amid narrowing spreads and improved fundamentals, while sales volume totaled $35.1 billion in Q2 (down 14.4% year-over-year) but showed overall yearly growth, with multifamily comprising 33.4% of commercial real estate transactions and strong performance in the Sun Belt and Midwest.

[1] According to Newmark Research
[2] According to Newmark Research

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended June 30, 2025, Newmark generated revenues of over $2.9 billion. As of June 30, 2025, Newmark and its business partners together operated from 165 offices with over 8,400 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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