MBK Rental Living has purchased a 7.1-acre site for the development of a 218-unit luxury multifamily community in Thousand Oaks, Calif. The project is a joint venture between MBK and Prime Life Technologies Corp., a Japan-based home-building company.

The co-developers plan to break ground in Summer 2024, with the opening expected in late 2026. Upon completion, 12 percent of the units will be designated as affordable.

Pk Architecture serves as the project’s main architect, with Design-Art in charge of the interior design. The project includes the rehabilitation of two existing buildings, a schoolhouse and an auditorium. The partners plan to preserve the structures and revive their architecture style.

The development will encompass multiple two- and three-story buildings with studios, one- and two- bedroom floorplans. Common-area amenities will include a swimming pool, pocket parks and approximately 554 parking spaces. In addition, the two historical buildings will be converted and repurposed as the property’s clubhouse, leasing office, co-working space and children’s playroom.

Located at 1872 Newbury Road, the site provides direct access to downtown Los Angeles via Route 101. The area features several dining options, retail centers and entertainment venues. Los Robles Regional Medical Center and Hope Nature Preserve are within a 4-mile radius.