Pederson House and Water Tower is located at the campus of California Lutheran University (CLU) in Thousand Oaks, California, the former home of the Norwegian Colony. It was built by members of the Colony that settled here in 1890. The structure is designated Ventura County Historic Landmark No. 45 and Thousand Oaks Historical Landmark No. 3. It is a typical turn-of-the-century farmhouse constructed in 1913-14 for Lars and Karn Pederson, Norwegian immigrants and members of the Norwegian Colony, who had first settled in Conejo Valley in 1890. The house was erected at the present location of Ahmanson Science Center, but was later relocated 500 feet (150 m) to its current location at the corner of Regent Avenue and Faculty Street. When its original location was determined to become a science building, the university was quoted $125,000 in moving costs, and therefore planned to demolish the house. However, CLU alumni were able to raise the amount in one day and were successful in saving the house.

California Lutheran University is a private university in Thousand Oaks, California. It was founded in 1959 and is affiliated with the Evangelical Lutheran Church in America, but is nonsectarian. It opened in 1960 as California Lutheran College and was California's first four-year liberal arts college and the first four-year private college in Ventura County. It changed its name to California Lutheran University on January 1, 1986.