Millennial-friendly apartments approved in Simi Valley; developer says more are coming

After a long day at work, a millennial returns to their apartment complex, where the property’s free Wi-Fi kicks in as soon as they park at one of the electric vehicle charging stations. They enter the community building and post photos to Instagram while watching television with other residents. Finally, they head to their apartment and change into workout clothes before going to the apartment complex’s gym

This is a day in the life of future tenants at the Vantage, according to Chris Itule, one of the managers of Patricia Avenue Associates, developer of the Vantage and its sister property, the already-built Patricia Parc Apartments.

The Simi Valley City Council unanimously approved the Vantage’s development permit on Jan. 13. The three-story, 54-unit complex will have 33 two-bedroom units and 21 one-bedroom units. Four units will be designated for very-low-income tenants.

“It looks to me from looking at your last project and this project that you’re trying to do things in this community, and you’re bringing new vision to this community,” Mayor Keith Mashburn said to Itule at the City Council meeting.

Under state law, the development received a 32.5% bonus in allowed density in exchange for providing the affordable units. Without the bonus, the zoning would have allowed about 37 units.

The Vantage will be built at 1260/1270 Patricia Ave., just over 100 yards from the 65-unit Patricia Parc Apartments. According to Itule, the Vantage will have the same modern design and millennial-friendly amenities as Patricia Parc, and the developer hopes for more similar projects in the future.

“Our last project promised a millennial-driven complex, and this has proven to be true. On this project, we’ll hopefully see that same demand, and our goal is to continue down the Patricia corridor and develop that corridor. This is project No. 2. Hopefully there’s a No. 3 and 4,” Itule said.

Itule grew up in Ventura County, and he believes more housing options are needed to keep millennials in the region. At 38 years old, he is on the edge of the millennial demographic and has seen friends from the region struggle to find high-quality apartments.

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“Limited housing options are causing a lot of young people from the county to relocate outside of the county. These projects provide quality housing supply to keep young people within the city,” he said. “We think this housing stock is attractive to all demographics, but we’ve found millennials are really interested because of the amenities.”

Amenities include a designated pickup area for Uber and Lyft, a secure delivery center for Amazon packages, a washer and dryer in every unit, electric vehicle charging spaces, free Wi-Fi, Saturday workout classes and a conference center where residents can meet with clients. The property will also have keyless entry; residents can use an app on their iPhone to unlock their units.

Itule says rent will be market-rate for the area, calling the units “a luxury product but an affordable price.”

According to rental listing sites, current rent for a two-bedroom at Patricia Parc ranges from $2,300 to $2,375.

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Itule expects that residents at the Vantage will be similar to Patricia Parc residents, with many commuting to the San Fernando Valley for work.

“A lot of residents work in the San Fernando Valley, but there is not a lot of housing stock there either, and what does exist is extremely expensive,” he said. “Our residents are willing to make that commute and live in Ventura County where there’s more open space and bike trails."

Patricia Avenue Associates hopes to grow its multifamily portfolio in Simi Valley “because the east side of the county is really lacking quality housing,” Itule said.

However, the company also aims to expand these types of properties across the county, and is currently looking for opportunities in Thousand Oaks, Oxnard and Ventura.

Patricia Avenue Associates hopes to begin leasing the Vantage by summer 2021.

Erin Rode covers housing, real estate and development for The Star. Reach her at erin.rode@vcstar.com or 805-437-0312.