CBRE, as exclusive agent, is pleased to present for sale an exceptional ±8.21-acre multifamily mixed-use redevelopment opportunity in the highly desirable community of Thousand Oaks, California. Located at 195, 275 & 325 E. Hillcrest Drive, the Property’s current improvements consist of a ±106,130 square foot multi-tenant three building office park known as Stone Creek Professional Offices. While the current zoning does not permit multifamily, the City of Thousand Oaks is in the process of updating its General Plan with a special focus to identify opportunities for new housing based on the Endorsed Land Use Map. Under the latest endorsed land use map, the Property is scheduled to be rezoned for “mixed-use” when the new General Plan is put into effect, which will allow for multifamily redevelopment of the Property. In May 2021, the Thousand Oaks City Council endorsed the Draft Preferred Land Use Map that serves as the basis for the City’s first comprehensive amendment to the General Plan since 1970. This landmark change in land use designations reflects many months of community involvement. As of October 2023, the City’s Community Development Department is reviewing and responding to Draft General Plan and Environmental Impact Report (EIR) comments. The City is anticipating that the Planning Commission and City Council hearings to adopt the General Plan and EIR will be scheduled at the latter end of 2023. The Property’s new land use designation will allow “Mixed-Use Low” multifamily redevelopment with 20 to 30 dwelling units per acre for residential use and 0.25 floor area ratio (FAR) for non-residential commercial uses. Under the new Land Use Plan, it is anticipated that the Property’s allowable density will be ±218 units (base density) and up to ±305 units with the State Density bonus program. The 195 E. Hillcrest building’s ±11,207 square feet of existing commercial space is envisioned to remain as the new development’s commercial component. KTGY Architecture, on behalf of Seller, has prepared three conceptual designs for the site, summarized as follows and shown in greater detail on pages 19-27 and further detail in the Property’s website data room.