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 asset in Santa Maria, California. The $116 million sales price equates to $252,174 per unit. The property is the largest multifamily asset sold in Santa Barbara County by number of units and sale price, breaking a record previously set by the IPA.

The fastest growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic phase of growth with rising housing demand, said Joseph Grabiec, IPA executive managing director investments. It is estimated that the city’s population will grow by 27% between 2024 and 2050, and during the next five years, the average year-over-year rent growth is estimated to be 4% annually while the occupancy remains above 96.5 %. Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, Kennedy Wilson, and purchased the buyer Westview Capital.

La Vista Apartments provides new ownership with an attractive entry yield, a stable income, and the ability to capture long-term rental growth and rental losses through implementing a light renovation strategy in 95% of the units, said Green.

Easily accessible from US Route 101 and State Route 135, the property is a short drive to Vandenberg Space Force Base, Dignity Health Regional Medical (TASE:) Center, Minami Community Center, and Skyway Business Park. Retail centers such as Crossroads of Santa Maria, Santa Maria Town Center, and Enos Ranch Business Center are nearby.

Built in 1979 on 31 acres, La Vista Apartments community amenities include two swimming pools and spas, clubhouse, rental office, large courtyards, picnic tables and barbecue-style grills. Santa Maria. Apartments have large closets, fully equipped kitchens with breakfast bars and pantries. Select units have 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 recognized research offers customized solutions for the acquisition, disposition and financing of institutional assets and portfolios. For more information, please 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 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 a transaction value of nearly $43.6 billion. For more information, please visit www.MarcusMillichap.com.

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Gina Relva, VP of Public Relations
[email protected]

Source: Marcus & Millichap, Inc.