$116 million sale of multifamily property in California’s Central Coast region brokered by Marcus & Millichap Institutional Property Advisors
SANTA MARIA, Calif.–( BUSINESS WIRE )–Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), announced today the sale of La Vista Apartments, a 460-unit multifamily property in Santa Maria, California. The sale price of $116 million is $252,174 per unit. The property is the largest multifamily property ever sold in Santa Barbara County by number of units and sales price, breaking the record previously set by the IPA.
Santa Barbara County’s fastest-growing city, Santa Maria, is in the midst of a period of dynamic growth with high demand for housing, said Joseph Grabiec, IPA’s executive director of investments. The city’s population is estimated to grow by 27% between 2024 and 2050, and over the next five years average annual rental growth is projected to be 4% per year, while occupancy will remain above 96.5%. Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, Kennedy Wilson, and procured the buyer, Westview Capital.
La Vista Apartments provides new ownership with an attractive yield, a sustainable income stream and the ability to capture long-term rental growth and rental losses by implementing a soft renovation strategy for 95% of the units, Green said.
Easily accessible from US Route 101 and State Route 135, the property is within a short drive of Vandenberg Space Force Base, Dignity Health Regional Medical (TASE:) Center, Minami Community Center and Skyway Business Park. Retail centers such as Crossroads at Santa Maria, Santa Maria Town Center and Enos Ranch Business Center are located nearby.
Built in 1979 on 31 acres, La Vista Apartments community amenities include two pools and a spa, clubhouse, rental office, large yards, picnic tables and Santa Maria-style grills. The apartments have large wardrobes, fully equipped kitchens with a breakfast bar and pantries. Select units have vaulted ceilings and skylights.
About Institutional Property Advisors (IPAs)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology and acclaimed research offers tailored solutions for the acquisition, disposition and financing of institutional assets and portfolios. For more information visit www.institutionalpropertyadvisors.com
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in more than 80 offices providing investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with sales volume of approximately $43.6 billion. For additional information visit www.MarcusMillichap.com.
See the original version on businesswire.com: https://www.businesswire.com/news/home/20241230439757/en/
Gina Relva, Vice President of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
