CRE: Santa Maria’s La Vista Apartments sell for record $116M
By Staff Report
La Vista Apartments, a 460-unit multifamily property in Santa Maria, sold for $116 million, according to Institutional Property Advisors, a division of Marcus & Millichap, who brokered the sale on Dec. 30.
The $116 million sales price equates to $252,174 per unit. According to a press release, the sale also became the largest multifamily asset ever sold in Santa Barbara County by number of units and sales price, breaking a record previously set by IPA.
Joseph Grabiec, IPA’s executive managing director of investments, said in a press release how Santa Maria is the “fastest-growing city in Santa Barbara County.”
“Santa Maria is in the midst of a dynamic growth period with surging housing demand,” Grabeic said.
“It is estimated that the city’s 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%.”
Grabiec and IPA’s Kevin Green and Gregory Harris represented the seller, Kennedy Wilson, and procured the buyer Westview Capital.
“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 95% of the units,” Green said in a press release.
Constructed in 1979 on 31 acres, the La Vista Apartments community amenities include two swimming pools and spas, a clubhouse, a leasing office, large courtyards, picnic tables and Santa Maria-style barbecue grills.
SANTA BARBARA HOTEL STATS
Visit Santa Barbara, the marketing organization for the Santa Barbara South Coast region, presented hotel performance data for November 2024 on Dec. 18.
Santa Barbara South Coast hotel occupancy increased by 5% in November 2024, compared to November 2023. Hotel occupancy was 67% in November 2024.
The average rate for a Santa Barbara South Coast hotel room in November 2024 was $314 a night, up 2% from the same month last year.
Revenue per available hotel room was $211 in November 2024, increasing 7% compared to the same month last year.
“November proved to be a promising start to the holiday travel season with gross hotel rooms revenue increasing by 8% in November 2024 and Transient Occupancy Tax (TOT) projections setting new November records for both the city of Santa Barbara at $2.43M and the city of Goleta at $1.10M, which reported at 10% and 6% year-over-year growth, respectively,” Kathy Janega-Dykes, president/CEO of Visit Santa Barbara, said in a press release.
“November’s uptick in travel, which contributed to the Santa Barbara Airport reporting its largest passenger counts to date on Dec. 1, along with Santa Barbara’s unique holiday offerings, points to an exciting conclusion to 2024 as the holiday season continues to unfold.”
The data referenced is generated by STR, an independent hospitality data analytics company.
It includes hotels located in Santa Barbara, Goleta, Montecito, Summerland and unincorporated Santa Barbara County between Gaviota and Summerland.
GET HELP NOW
Ventura County residents affected by the Mountain Fire are eligible to apply for grants of up to $1,000, the Ventura County Coastal Association of Realtors announced.
The funds are part of a $125,000 Realtors Relief Grant awarded by the National Association of Realtors to VCCAR and the Conejo Simi Moorpark Association of Realtors.
After erupting on Nov. 6, the fire burned almost 20,000 acres and destroyed at least 240 structures.
Thousands of county residents were forced to evacuate.
Assistance is limited to a maximum of $1,000 per household and is strictly for housing-related expenses.
It does not cover costs associated with second mortgages, home equity lines of credit, clothing, appliances, equipment, vehicle purchase or repair, mileage, or other non-housing-related expenses.
Applications for relief must be submitted by Jan. 31 and applications can be downloaded from vcrealtors.com/wp-content/uploads/2024/12/Relief-Assistance-Application_Ventura_Conejo_WF.pdf.
“As soon as the Mountain Fire exploded and forced so many people to quickly evacuate, VCCAR and CSMAR immediately asked NAR to approve a Realtors Relief Grant to help county residents who were affected by the fire,” Cami Pinsak, VCCAR’s president, said in a press release.
“This initiative is an example of the commitment of VCCAR and its partners to supporting the local community during times of crisis. By addressing immediate housing needs, the program aims to provide a measure of stability to people who suffered losses.”
VCCAR represents Realtors serving the West County, including hard-hit Camarillo.
CSMAR represents agents serving the East County, including the Somis area.
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