Zander, a partner at the Encino office of Hendricks & Partners who represented both the buyer and the seller, says the new owner is Universe at Hope Ranch LLC.

The Santa Barbara complex is at 3999 Via Lucero, the Ventura complex at 10965 Del Norte. Zander notes that the private investment group owns and operates several other Southern California premium apartment buildings and had been "eager to acquire additional beach-oriented multifamily product." The new owner plans approximately $1 million in upgrades and improvements.

The five-building, garden-style complexes were built between 1965 and 1973 and consist primarily of one- and two-bedroom units, plus several townhouse style units. The properties had been owned and managed by the seller, Santa Barbara-based Boyle Properties, for more than 20 years. The two properties were among three that changed hands recently in deals brokered by Zander. The third complex was a 58-unit complex called Blackhawk Vistas in Granada Hills that a Los Angeles-based 1031 Exchange investor bought for just under $4.8 million from Blackhawk LLC of Los Angeles. The property is located at 16915, 16945 and 16955 Blackhawk St. in Granada Hills. It consists of one-, two- and three-bedroom units in a courtyard design, on a cul-de-sac street near a local hospital and a shopping center.