The Anacapa Isle Apartments, a 120-unit complex at Channel Islands Harbor in Ventura, will be converted into condominiums under a plan approved Tuesday by the County Board of Supervisors.
The county owns the land on which the apartments are located at 2901 and 3101 Peninsula Road.
Blake Boyle, deputy director of the General Services Agency, said Anacapa Ventures, the partnership that owns the two-building development, will probably start selling the units next summer.
The apartments, most of which have harbor views, will be sold under a 99-year sublease, with the county continuing to own the land, Boyle said.
He estimated that the one-bedroom apartments will be priced about $150,000 and the two-bedroom units will cost $170,000 to $180,000, subject to market conditions. Current tenants will be given first refusal rights on the units, he said.
Bill Murchie, the agency's lease manager, said the county will receive about $12 million by converting the apartments into condominiums. About $10 million will come as a result of the county receiving 2.8% of the gross sale price every time the condos change hands over the next 35 years, he said.