IPA, a division of Marcus & Millichap, recently completed the sale of La Vista Apartments in Santa Maria for $116 million. This 460-unit multifamily property set a new record for the largest multifamily asset ever sold in Santa Barbara County based on both number of units and sales price. The previous record was also held by IPA.
According to Joseph Grabiec, executive managing director investments at IPA, Santa Maria is experiencing rapid growth and high demand for housing. It is projected that the city’s population will increase by 27% between 2024 and 2050. Additionally, average rent growth is expected to be around 4% annually over the next five years with occupancy rates remaining above 96.5%.
Grabiec worked alongside Kevin Green and Gregory Harris from IPA to represent Kennedy Wilson as they sold La Vista Apartments to Westview Capital. Green noted that this property offers attractive returns right away as well as potential long-term income growth through implementing light renovations on most of its units.
This successful sale sets a new benchmark for real estate transactions in Santa Barbara County thanks to IPA’s expertise and strong market knowledge.
