The companies purchased Capes at Ventura, a 400-unit asset in Ventura, and plan on investing $6.5 million in upgrades. :
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. “We were involved with five properties in Ventura and Santa Barbara counties before exiting in 2007 at the height of the market,” Henry Manoucheri, chairman & CEO of Universe Holdings, told Multi-Housing News.