(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SANTA BARBARA, CA-GlobeSt.com exclusively learns that Interstate Equities Corp., a Northern California investment group, has sold 554-555 Coronel Place, a 49-unit apartment building in Santa Barbara. The sales price of $11.7 million equates to $238,776 per unit and $256 per square foot.
Marcus & Millichap Real Estate Investment Services brokered the sale of 554-555 Coronel Place. Ron Harris and Joseph Smolen in the Los Angeles office represented the seller.The buyer was RCMI, a real estate investment group based in Southern California. Built in 1970 on 1.4 acres, the 39,290-square-foot property is located in Santa Barbara’s Lower Westside neighborhood close to U.S. Highway 101, shops, restaurants, transportation, schools and beaches.
According to Harris, older, well-located multifamily properties in Santa Barbara “create excellent opportunities for investors to add value,” says Harris. “The city’s growth restrictions and shortage of undeveloped land make renovation an attractive alternative to new construction.”
According to Marcus & Millichap, the two-building, garden-style 554-555 Coronel Place includes three one-bedroom/one-bath units, 39 two-bedroom/one-bath apartments, six three-bedroom/one-bath units and one three-bedroom/two-bath apartment. Community amenities include a security gate, laundry area and swimming pool. Units feature large closets and cable TV or satellite TV. Select units have new carpeting, appliances and blinds.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
