Joint venture with Prime Life Technologies to provide 218 apartments to the northwestern part of Greater Los Angeles
IRVINE, Calif. (June 22, 2023) – MBK Rental Living, one of California’s most successful and innovative private developers, has announced the acquisition of a 7.1-acre site in Thousand Oaks, California for a new 218-unit luxury multifamily community. MBK Rental Living is proud to partner on their first apartment joint venture with Prime Life Technologies Corporation, a Japan-based leading home-building company. The project will offer both market rate and affordable residences across multiple two- and three-story buildings, nestled against the Santa Monica Mountains and less than 45 miles from downtown Los Angeles.
“We are elated about this debut community opportunity in Thousand Oaks, which presents an extremely rare chance to live in one of the preeminent Southern California cities known for its high quality of life,” said Ken McCarren, President of MBK Rental Living. “In addition to providing much-needed housing, we are honored to be able to include affordable options in one of the tightest housing areas in the country. We are excited about bringing MBK’s quality and thoughtfully designed apartment living to Thousand Oaks.”
Designed by Pk: architecture with interiors by Design-Art in a modern mission revival architecture-style, the new community will offer studio, one-bedroom and two-bedroom floorplans, with 12 percent of the 218 residences designated as affordable housing.
Of historical note, two structures – a schoolhouse and an auditorium – will be preserved, rehabilitated, and repurposed as the community’s leasing office, co-working space, clubhouse, and children’s lounge. In addition, the planned amenities include a private pool and pocket parks throughout the community. Originally designed in the mission revival architectural style by Roy C. Wilson, the first licensed architect in Ventura County, the Timber School House was constructed in 1924, and the auditorium in 1948. Children of early Conejo Valley ranchers attended the school with the two buildings later being used as Conejo Valley High School. They were designated historic landmarks in 2004 by the Ventura County Cultural Heritage Board and the Thousand Oaks City Council.
“Through this acquisition and investment, we are able to rebuild and bring back to life these two historical structures, relics of one of the oldest remaining public buildings in the Conejo Valley. It is not every day a developer has the chance to make and enhance history on their property,” said Mr. McCarren.
Located at 1872 Newbury Rd. in Thousand Oaks, the new community will provide residents with immediate access to the 101 Freeway connecting to Los Angeles 45 miles to the east and to Malibu on the California Coast only 20 miles to the west. Residents will enjoy convenient connections to the many employment centers, top schools, and retail and restaurant offerings in Thousand Oaks and the surrounding area, as well as outstanding parks and hiking opportunities, including Lake Eleanor Sentinel and Malibu Springs.
“This investment remains consistent with our thesis of expanding into strong markets that have shown consistent growth and with this growth we are honored to partner with Prime Life Technologies. The property acquisition adds strategic synergies to MBK Rental Living’s growing portfolio in California,” said Mr. McCarren. “We remain disciplined when seeking out opportunities, and this acquisition will allow us to diversify further across geographic locations while adding value and maximizing returns to our trusted investors.”
Construction on the apartment community is anticipated to start in Summer 2024, and the grand opening is slated for Winter 2026.
For more information, please visit www.MBKRentalLiving.com.
About MBK Rental Living
MBK Rental Living is active in the acquisition and development of apartment communities. The company’s mission is to be the preeminent lifestyle developer focusing on creating communities that deliver value for their residents, partners, and investors. Throughout its more than 30-year history, MBK has earned a reputation for delivering award-winning customer satisfaction in housing that is innovative in design, comfort, sustainability, and craftsmanship, all at an excellent value. MBK Rental Living is a division of MBK Real Estate Ltd., the U.S. real estate development arm of Mitsui & Co., Ltd., a global trading, and investment company with a diversified business portfolio. MBK Real Estate’s companies span a wide spectrum of real estate development including apartments, industrial, and their senior housing divisions. MBK Rental Living is headquartered in Irvine, California. Corporate offices are located at 4 Park Plaza Suite 1700, Irvine, CA 92614; or visit their website at www.MBKRentalLiving.com.
About Prime Life Technologies
Established in January 2020, Prime Life Technologies Corporation was founded with the desire to “Changing the ‘ordinary’ of life “. Our unwavering mission is “to realize a life beyond imagination with technology that opens the way to the future”. By synergizing the housing, urban development, and construction expertise of the five companies within the Prime Life Technologies Group with Toyota Motor Corporation’s mobility technology and Panasonic’s lifestyle update technology as its foundation, we are committed to generating new value for people’s lives across the city. Our collective endeavor is dedicated to fostering a secure living environment while concurrently striving toward the realization of a prosperous community that fulfills the expectations of everyone.
