{"id":797303,"date":"2024-12-30T22:06:08","date_gmt":"2024-12-31T03:06:08","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/"},"modified":"2024-12-30T22:06:08","modified_gmt":"2024-12-31T03:06:08","slug":"116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/","title":{"rendered":"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors<\/b><\/p>\n<p>SANTA MARIA, Calif.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.institutionalpropertyadvisors.com%2F&amp;esheet=54171656&amp;newsitemid=20241230439757&amp;lan=en-US&amp;anchor=Institutional+Property+Advisors+%28IPA%29&amp;index=1&amp;md5=4230241d36631f181e4e408f8a3e14df\">Institutional Property Advisors (IPA)<\/a>, a division of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.marcusmillichap.com%2F&amp;esheet=54171656&amp;newsitemid=20241230439757&amp;lan=en-US&amp;anchor=Marcus+%26amp%3B+Millichap+%28NYSE%3AMMI%29&amp;index=2&amp;md5=679519e895afa5ac9db1f8d6b9b63983\">Marcus &amp; Millichap (NYSE:MMI)<\/a>, 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 ever sold in Santa Barbara County by number of units and sales price, breaking a record previously set by IPA.<\/p>\n<p>\n\u201cThe fastest-growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic growth period with surging housing demand,\u201d said Joseph Grabiec, IPA executive managing director investments. \u201cIt is estimated that the city\u2019s population will grow 27% between 2024 and 2050, and during the next five years, average year-over-year rent growth is projected to be 4% annually while occupancy remains above 96.5%.\u201d Grabiec and IPA\u2019s Kevin Green and Gregory Harris represented the seller, Kennedy Wilson, and procured the buyer Westview Capital.<\/p>\n<p>\n\u201cLa 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 95% of the units,\u201d said Green.<\/p>\n<p>\nEasily accessible from U.S. Route 101 and State Route 135, the property is within a short commute of Vandenberg Space Force Base, Dignity Health Regional Medical Center, Minami Community Center, and Skyway Business Park. Retail centers such as the Crossroads at Santa Maria, Santa Maria Town Center, and Enos Ranch Business Center are within proximity.<\/p>\n<p>\nConstructed 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.<\/p>\n<p><b><i>About Institutional Property Advisors (IPA)<\/i><\/b><\/p>\n<p><i>Institutional Property Advisors (IPA) is a division of Marcus &amp; Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA\u2019s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.institutionalpropertyadvisors.com%2F&amp;esheet=54171656&amp;newsitemid=20241230439757&amp;lan=en-US&amp;anchor=www.institutionalpropertyadvisors.com&amp;index=3&amp;md5=395ec8a28043679f46a005f5ffe8b293\"><i>www.institutionalpropertyadvisors.com<\/i><\/a><\/p>\n<p><b><i>About Marcus &amp; Millichap, Inc. (NYSE: MMI)<\/i><\/b><\/p>\n<p><i>Marcus &amp; 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 over 80 offices who provide 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 &amp; Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit <\/i><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.marcusmillichap.com%2F&amp;esheet=54171656&amp;newsitemid=20241230439757&amp;lan=en-US&amp;anchor=www.MarcusMillichap.com&amp;index=4&amp;md5=2be5d031650fefa22f5cfb1d4e6f13db\"><i>www.MarcusMillichap.com<\/i><\/a><i>.<\/i><\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241230439757r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20241230439757\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20241230439757\/en\/<\/a><\/span><\/p>\n<p><b>Gina Relva, VP of Public Relations<br \/>\n<\/b><br \/><a rel=\"nofollow\" href=\"mailto:Gina.Relva@marcusmillichap.com\"><b>Gina.Relva@MarcusMillichap.com<\/b><\/a><\/p>\n<p><b>KEYWORDS:<\/b> California United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Professional Services Other Construction &amp; Property Residential Building &amp; Real Estate Commercial Building &amp; Real Estate Finance Construction &amp; Property Consulting<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20241230439757\/en\/682345\/3\/MM_logo_288_300_whitebg.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors SANTA MARIA, Calif.&#8211;(BUSINESS WIRE)&#8211;Institutional Property Advisors (IPA), a division of Marcus &amp; 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 ever sold in Santa Barbara County by number of units and sales price, breaking a record previously set by IPA. \u201cThe fastest-growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic growth period with surging housing demand,\u201d said Joseph Grabiec, IPA executive managing director investments. \u201cIt is estimated that the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-797303","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors SANTA MARIA, Calif.&#8211;(BUSINESS WIRE)&#8211;Institutional Property Advisors (IPA), a division of Marcus &amp; 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 ever sold in Santa Barbara County by number of units and sales price, breaking a record previously set by IPA. \u201cThe fastest-growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic growth period with surging housing demand,\u201d said Joseph Grabiec, IPA executive managing director investments. \u201cIt is estimated that the &hellip; Continue reading &quot;$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-31T03:06:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241230439757r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; 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The $116 million sales price 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. \u201cThe fastest-growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic growth period with surging housing demand,\u201d said Joseph Grabiec, IPA executive managing director investments. \u201cIt is estimated that the &hellip; Continue reading \"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; Millichap\u2019s Institutional Property Advisors\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/","og_site_name":"Market Newsdesk","article_published_time":"2024-12-31T03:06:08+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20241230439757r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/116-million-multifamily-asset-sale-in-central-california-coast-region-brokered-by-marcus-millichaps-institutional-property-advisors\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"$116 Million Multifamily Asset Sale in Central California Coast Region Brokered by Marcus &amp; 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