Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of La Vista Apartments, a 460-unit multifamily asset in Santa Maria, California. The sales price of $116 million equates to $252,174 per unit.
This transaction marks the largest multifamily asset ever sold in Santa Barbara County by number of units and sales price, breaking a previous record set by IPA. Santa Maria is experiencing dynamic growth, with its population projected to grow 27% between 2024 and 2050.
The property offers new ownership an attractive yield and the ability to capture long-term rent growth through a light renovation strategy for 95% of the units. This record-breaking sale highlights IPA's strong market presence and expertise in high-value multifamily transactions.
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