Alamo Street Property Purchased for Rental Housing Project

Cabrillo Economic Development Corp. has purchased 5.23 acres of vacant land on the northeast corner of Alamo Street and Fairbanks Avenue in Simi Valley, with plans to build rental units.

Private investors David Ellis and Saul Nehoryan sold the property for $1.5 million.

Cabrillo plans to build a multifamily residential housing project on the site and manage it as rental property. Cabrillo has built several multifamily housing projects in Ventura County.

“In Simi Valley, where the demand is high, there is about a 1% vacancy rate on available rental housing,” said Gary Seaton of NAI Capital Commercial, who represented both sides in the sale.