$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus & Millichap’s Institutional Property Advisors
Marcus & Millichap's Institutional Property Advisors (IPA) has brokered the sale of La Vista Apartments in Santa Maria, California for $116 million ($252,174 per unit), marking the largest multifamily asset sale in Santa Barbara County's history. The 460-unit property was sold by Kennedy Wilson to Westview Capital.
Santa Maria is experiencing significant growth, with projected 27% population growth between 2024-2050 and expected 4% annual rent growth over the next five years, with occupancy maintaining above 96.5%. The 1979-built property, situated on 31 acres, offers amenities including two swimming pools, spas, and a clubhouse. The location provides easy access to key facilities including Vandenberg Space Force Base and various retail centers.
Gli Institutional Property Advisors (IPA) di Marcus & Millichap hanno curato la vendita di La Vista Apartments a Santa Maria, in California, per 116 milioni di dollari (252.174 dollari per unità), segnando la più grande vendita di beni multifamiliari nella storia della contea di Santa Barbara. La proprietà di 460 unità è stata venduta da Kennedy Wilson a Westview Capital.
Santa Maria sta vivendo una crescita significativa, con una crescita demografica prevista del 27% tra il 2024 e il 2050 e un previsto incremento annuale dei canoni del 4% nei prossimi cinque anni, mantenendo un tasso di occupazione superiore al 96,5%. La proprietà, costruita nel 1979, si estende su 31 acri e offre servizi tra cui due piscine, vasche idromassaggio e un clubhouse. La posizione consente un facile accesso a strutture chiave come la Vandenberg Space Force Base e vari centri commerciali.
Los Institutional Property Advisors (IPA) de Marcus & Millichap han intermediado la venta de La Vista Apartments en Santa María, California, por 116 millones de dólares (252,174 dólares por unidad), marcando la venta de activos multifamiliares más grande en la historia del condado de Santa Bárbara. La propiedad de 460 unidades fue vendida por Kennedy Wilson a Westview Capital.
Santa María está experimentando un crecimiento significativo, con un 27% de crecimiento poblacional proyectado entre 2024 y 2050 y un crecimiento anual del alquiler del 4% esperado en los próximos cinco años, manteniendo una ocupación superior al 96.5%. La propiedad, construida en 1979, ocupa 31 acres y ofrece comodidades que incluyen dos piscinas, spas y un clubhouse. La ubicación proporciona fácil acceso a instalaciones clave como la Base de la Fuerza Espacial de Vandenberg y varios centros comerciales.
Marcus & Millichap의 Institutional Property Advisors (IPA)가 캘리포니아 산타 마리아에 있는 La Vista Apartments의 매각을 중개하였으며, 매각가는 1억 1,600만 달러 (유닛 당 252,174 달러)로, 산타 바바라 카운티 역사상 가장 큰 다세대 자산 매각을 기록했습니다. 460 유닛의 이 자산은 케네디 윌슨에서 웨스트뷰 캐피탈로 매각되었습니다.
산타 마리아는 2024-2050년 사이에 27%의 인구 성장과 향후 5년 동안 연간 임대료가 4% 증가할 것으로 예상되는 상당한 성장을 경험하고 있으며, 점유율은 96.5% 이상을 유지하고 있습니다. 1979년에 지어진 이 자산은 31에이커에 위치하며, 두 개의 수영장, 온수 욕조 및 클럽하우스와 같은 편의 시설을 제공합니다. 이 위치는 밴덴버그 우주군 기지와 다양한 소매 센터에 대한 쉬운 접근을 제공합니다.
Les Institutional Property Advisors (IPA) de Marcus & Millichap ont intermédié la vente des La Vista Apartments à Santa Maria, Californie, pour 116 millions de dollars (252 174 dollars par unité), marquant ainsi la plus grande vente d'actifs multifamiliaux de l'histoire du comté de Santa Barbara. La propriété de 460 unités a été vendue par Kennedy Wilson à Westview Capital.
Santa Maria connaît une croissance significative, avec une croissance de la population projetée de 27% entre 2024 et 2050 et une augmentation annuelle du loyer de 4% attendue au cours des cinq prochaines années, avec un taux d'occupation supérieur à 96,5%. La propriété, construite en 1979, s'étend sur 31 acres et offre des équipements comprenant deux piscines, des spas et un clubhouse. L'emplacement permet un accès facile à des infrastructures clés telles que la base spatiale Vandenberg et divers centres commerciaux.
Die Institutional Property Advisors (IPA) von Marcus & Millichap haben den Verkauf der La Vista Apartments in Santa Maria, Kalifornien, für 116 Millionen Dollar (252.174 Dollar pro Einheit) vermittelt, was den größten Verkauf von Mehrfamilienhäusern in der Geschichte des Santa Barbara County darstellt. Die 460-Einheiten-Immobilie wurde von Kennedy Wilson an Westview Capital verkauft.
Santa Maria verzeichnet ein erhebliches Wachstum, mit einem prognostizierten Bevölkerungswachstum von 27% zwischen 2024 und 2050 und einem voraussichtlichen jährlichen Mietwachstum von 4% in den nächsten fünf Jahren, während die Belegungsrate über 96,5% bleibt. Die 1979 erbaute Immobilie erstreckt sich über 31 Acres und bietet Annehmlichkeiten wie zwei Schwimmbecken, Whirlpools und ein Clubhaus. Die Lage bietet einfachen Zugang zu wichtigen Einrichtungen, einschließlich der Vandenberg Space Force Base und verschiedenen Einzelhandelszentren.
- Record-breaking sale price of $116 million in Santa Barbara County
- Strong market fundamentals with projected 27% population growth
- Projected 4% annual rent growth with high occupancy rates (>96.5%)
- Strategic location near major employers and retail centers
- None.
Insights
The
The acquisition by Westview Capital from Kennedy Wilson presents a strategic value-add opportunity through light renovations to
Santa Maria's emerging status as Santa Barbara County's fastest-growing city creates a compelling investment thesis for multifamily assets. The market dynamics show a perfect storm of factors: housing supply, steady population growth and strong projected rent increases. The property's vintage (1979 construction) positions it well for value-add improvements without the higher costs associated with major renovations.
The strategic location near major employment centers and retail amenities suggests strong tenant demand sustainability. The "loss-to-lease" opportunity mentioned indicates current rents are below market rates, providing natural upside through lease rollovers. The large 31-acre site also offers potential development or densification opportunities in a market with increasing housing demands.
“The fastest-growing city in
“La Vista Apartments gives new ownership an attractive yield going in, a durable income stream, and the ability to capture long-term rent growth and loss-to-lease via implementing a light renovation strategy to
Easily accessible from
Constructed in 1979 on 31 acres, the La Vista Apartments community amenities include two swimming pools and spas, clubhouse, leasing office, large courtyards, picnic tables and Santa Maria-style barbecue grills. 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
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20241230439757/en/
Gina Relva, VP of Public Relations
Gina.Relva@MarcusMillichap.com
Source: Marcus & Millichap, Inc.
FAQ
What was the per-unit price for La Vista Apartments in the MMI-brokered sale?
What are the projected rent growth rates for the Santa Maria market where MMI sold La Vista Apartments?
How many units were involved in MMI's record-breaking Santa Barbara County apartment sale?
What is the projected population growth for Santa Maria where MMI brokered the La Vista sale?
