SANTA MARIA, Calif.–( BUSINESS WIRE )– Institution Property Advisors (“IPA”), a division of Marcus & Millichap (NYSE:MMI), today announced ), announced the sale of La Vista Apartments, a 460-unit multifamily asset in Santa Maria, California. The sale price of $116 million equates to $252,174 per unit. The property is the largest multifamily asset ever sold in Santa Barbara County by number of units and sales price, breaking a record previously set by IPA.
Santa Maria, the fastest-growing city in Santa Barbara County, is going through a dynamic growth period with high demand for housing, said Joseph Grabek, executive director of investments at IPA. It is estimated that the city's population will grow by 27% between 2024 and 2050, and over the next five years, average year-on-year rental growth is expected to reach 4% per year while occupancy remains above 96.5%. Kevin Green and Gregory Harris of Grabiec and IPA represented the seller, Kennedy Wilson, and procured the buyer, Westview Capital.
Green said the La Vista Apartments give the new ownership an attractive yield, a permanent income stream, and the ability to achieve long-term rental growth and rental loss by implementing a lean renovation strategy for 95% of the units.
The property is easily accessible from US Route 101 and State Route 135, and is located a short distance from Vandenberg Space Force Base and Dignity Health Regional. medical (TASE:) 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, community amenities for the La Vista Apartments include two pools, spas, a clubhouse, leasing office, large courtyards, picnic tables and Santa Maria-style grills. The apartments have large wardrobes and fully equipped kitchens with breakfast bars and pantries. Some units feature vaulted ceilings and skylights.
About Institutional Property Advisors (IPA)
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 renowned research delivers customized solutions for the acquisition, disposition and financing of real estate and institutional portfolios. For more information, please visit www.institutionalpropertyadvisors.com
About Marcus & Millichap (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 and financing sales professionals in more than 80 offices providing investment brokerage and financing services to sellers and buyers of commercial real estate. The company also provides market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 deals in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
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Gina Relva, Vice President of Public Relations
gina.relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc
