SANTA MARIA, CA-Security Properties has sold La Vista Apartments, a 460-unit multifamily community located here, for $42 million to an investment partnership. The 296,800-square-foot property is located on 32 acres at 740 South Western Ave., in close proximity to Santa Maria’s newer retail, dining and entertainment centers, including Santa Maria Town Center and the Costco Power Center. The sales price equates to $91,304 per unit and $142 per square foot.
Security was represented in the deal by Stan Jones, EVP; Stewart Weston, SVP; Sal Saglimbeni, VP of investments; and Phil Saglimbeni, VP of investments at Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap. “Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Jones. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.”
Built between 1978 and 1988, La Vista Apartments is situated in a park-like setting among single-family homes. The 26 two-story residential buildings are accentuated with a combination of wood and stucco siding and pitched composition shingle roofs. The community offers studio, loft and one-, two- and three-bedroom floor plans. Amenities include two swimming pools, two game rooms, playgrounds, a community room, a soccer field, a dog park and barbecue and picnic areas.
“La Vista Apartments’ operation is well positioned for future rent growth given its amenities, renovation potential and the expected economic upturn in California,” says Weston. “During the past three years, the previous owner invested approximately $2.4 million in capital improvements.”
IPA and Security could not be reached by GlobeSt.com before deadline to answer questions regarding Security’s reasons for selling the property, its occupancy, details about the buyer, the buyer’s future plans for the property or how the deal was financed.