SANTA MARIA, CA – Institutional Property Advisors (IPA), a recently formed multifamily brokerage division of Marcus & Millichap serving the needs of institutional and major private investors, has brokered the sale of La Vista Apartments (top left photo), a 460-unit apartment community located in the Santa Barbara County city of Santa Maria.
The sales price of $42 million equates to $91,304 per unit and $142 per square foot.
Stan Jones (middle right photo), executive vice president investments, Stewart I. Weston (middle left photo), senior vice president investments, Sal Saglimbeni (middle right photo), vice president investments and Phil Saglimbeni (lower left photo), vice president investments, represented the seller, Security Properties.
The buyer is an investment partnership led by Kennedy Wilson Multifamily.
“Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Jones. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.”
“La Vista Apartments’ operation is well positioned for future rent growth given its amenities, renovation potential and the expected economic upturn in California,” says Weston. “During the past three years, the previous owner invested approximately $2.4 million in capital improvements.”“As with past sales, we are extremely pleased with IPA’s execution of this transaction,” adds David Dufenhorst (bottom right photo), Security Properties’ chief investment officer. “IPA provides excellent transaction knowledge and outstanding client service.”
The 296,800-square foot property is located on 32 acres at 740 South Western Ave. in close proximity to Santa Maria’s newer retail, dining and entertainment centers, including Santa Maria Town Center and the Costco Power Center.
Built between 1978 and 1988, La Vista Apartments is situated in a serene park-like setting among single-family homes. The 26 two-story residential buildings are accentuated with a combination of wood and stucco siding and pitched composition shingle roofs. The community offers studio, loft, one-, two- and three-bedroom floor plans.
The community’s amenity package includes two swimming pools, two game rooms, playgrounds, a community room, a soccer field, a dog park and barbecue and picnic areas.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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