The price tag for the complex equals $109,677 a unit and exceeded the asking price by $2.7 million, Jamie May, chairman and CEO of JBM Realty Advisors, tells GlobeSt.com. "For the past 15 months, every multifamily sale we've handled has sold for more than the asking price," he says. "Typically, we strike a price with the seller and then let the market decide. The multifamily market here is a moving target."
May and Eric Ammon and Carlos Berner, JBM senior directors, were the exclusive investment advisors/brokers in marketing the Santa Barbara property. It is located on approximately 35 acres in the southeast quadrant of Santa Barbara Boulevard and Radio Road, just east of the Countryside Golf and Country Club. The site includes four lakes, a clubhouse with a fitness center, two pools and a heated spa, lighted tennis courts, a volleyball court, 494 surface parking spaces, and a natural preserve area. Two grocery-anchored shopping centers are within walking distance.
Apartment units average 876 sf, and the rental rates average $779 a month or 89 cents per sf. There are eight different floor plans, and almost all units have a lake view. They have private first- and second-story entrances, screened private patios or balconies, storage rooms, walk-in closets, washer/dryers and other amenities. May describes Santa Barbara Landings as a class B+ complex "in excellent condition."
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