SANTA BARBARA, CA-A locally based private investor has acquired the 117-unit Parke Orcutt Apartments at 3235 Orcutt St. from a Los Angeles-based entity for $23.9 million, according to CB Richard Ellis. Adrienne Barr, first vice president of CB Richard Ellis and a member of Team Lustig-Bower in the company's Beverly Hills office, tells GlobeSt.com that the property sold for a price below replacement cost in a market where barriers to entry are high.

Team Lustig-Bower represented the seller, Parke Orcutt LLC of Los Angles. Barr tells GlobeSt.com that the complex attracted multiple offers from high net worth individuals and local private capital groups.

"There are high barriers to entry for new development and a lack of comparable land available in this area," Barr comments. She notes that it took the seller approximately four years to entitle the property. Given the increases in land and construction costs over the last four years, it would be impossible for a developer to build the same property at the price paid by the buyer today, she points out.

The Parke Orcutt complex, which was built in 2005, comprises 13 buildings of two and three stories. The walkup-style buildings, designed in a courtyard setting, include 31 three-bedroom units, 62 two-bedroom units and 24 one-bedroom units.

The Parke Orcutt property is adjacent to Waller Park, a 153-acre county park with biking and hiking trails, playgrounds and other features. The buyer of the complex was represented by Gina Meyers of Coldwell Banker Santa Barbara.