By Editor, Global AgInvesting Media

An investment offering for the Ventura Valley Avocado Grove, an 81-gross-acre permanent crop ranch in Moorpark, California, is currently open to accredited investors on FarmTogether. Located in the heart of Ventura County, the deal highlights how institutional farmland managers evaluate near-term crop yields against long-term property redevelopment in premier growing regions.

Overview of the Ventura Valley Avocado Grove Investment Property

The Ventura Valley Avocado Grove features approximately 76 net plantable acres and is under contract for $3,825,000, representing a purchase price below its original listing price.

The investment model is structured around a 10-year holding period. FarmTogether serves as the investment sponsor and platform manager, overseeing the acquisition, development program, ongoing farm operations, and accounting.

Financial Modeling and Returns

The target financial metrics under the sponsor’s 10-year model include:

• Net Internal Rate of Return (IRR): 10.7%
• Target Net Average Cash Yield: 7.6%
• Net Multiple on Invested Capital (MOIC): 2.5x

First distributions to investors are modeled to begin in 2030, coinciding with the initial harvests from planned redevelopment areas. Due to substantial depreciable improvements associated with the redevelopment program, the asset may provide passive income tax offsets in the initial year and following the development phase, though individual tax results will depend on each investor’s tax situation.

Acreage Distribution and Development Plan

The property is currently split between producing trees and land slated for redevelopment:

• Existing Hass Avocado Block: 36 acres (~48% of net plantable area) consisting of mature, producing Hass avocado trees planted in 2019/20.
• Redevelopment Block: 40 acres currently planted to lemons, with redevelopment planned to begin in 2027.

Under the underwriting plan, approximately 30 acres of the redevelopment block will be converted to Hass avocados. The remaining 10 acres (25% of the redevelopment section) lie in lower-elevation zones prone to frost and will be replanted with Valencia oranges, a citrus variety better suited for cold-air pooling. Both redevelopment sections are projected to enter meaningful commercial production between 2030 and 2032.

Regional Agricultural Dynamics

Ventura County is California’s primary avocado-producing region, accounting for approximately 45% of the state’s total avocado volume and 41% of its planted acreage. Local growers benefit from a coastal-influenced Mediterranean climate that tempers summer heat. In 2024, Ventura County avocado yields averaged roughly 10,700 lbs per acre, compared to statewide average yields of 6,000 to 7,000 lbs per acre during typical strong years.

The decision to incorporate Valencia oranges aligns with broader market conditions. California bearing acreage for Valencia oranges dropped from 238,900 acres in 2016–17 to 134,900 acres in 2024–25, reducing domestic supply alongside supply disruptions in Florida and Brazil. Valencia oranges harvest from late spring through fall, avoiding direct competition with California’s dominant Navel orange harvest window.

Water Infrastructure

Irrigation water for the property is supplied via reclaimed water from Ventura County Waterworks District No. 1 (VCWWD1). The supply is currently delivered through an adjacent main ranch parcel, supported by an on-site storage reservoir. As part of its due diligence and management scope, FarmTogether plans to execute a formal water-sharing agreement and install a dedicated meter to isolate the property’s connection to the district’s pipeline network.

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