Apartments a bright spot in South Coast real estate market
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The South Coast apartment market has seen more than $77 million in property sales this year, according to commercial real estate brokers at Radius Group’s Santa Barbara County Real Estate and Economic Outlook on Sept. 16.
The largest sale was the $37.4 million purchase of the Fontainebleu apartments in Isla Vista. Chicago-based Blue Vista Capital Partners acquired the 430-bed complex for $7.9 million and the assumption of $29.5 million in debt. It also acquired Fontainebleu’s sister property, the 480-bed Tropicana Gardens apartments.
Fontainebleu’s sellers, a unit of J.P. Morgan Chase & Co. and Education Realty Trust, took a loss on the deal, since they’d paid $42.5 million in 2006 and invested another $11 million since then, according to a Wall Street Journal article.
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