The offering presents a rare opportunity to acquire a significant portion of residential rental units in the supply constrained and demand-inelastic, premier student housing market of Isla Vista, CA near the University of California, Santa Barbara.
This portfolio of multifamily assets comprises 10 properties ranging in size from 2–42 units, all located within the coastal community’s prime leasing area. All properties are situated off the coastal bluffs and are just footsteps from the UCSB campus, numerous dining options and amenities and the beach.
The properties have boasted 100% occupancy under current ownership and are among the first multi-unit buildings in Isla Vista to lease up every year. The portfolio has provided luxury housing options to students seeking safe, high quality accommodations close to campus. Ownership has routinely invested in significant upgrades since acquiring the assets and a majority of the units have been enhanced with premium finishes like vinyl plank flooring and new kitchen and bathroom tile. Additionally, all portfolio properties are under professional property management which carefully selects renters, contributing to historically low repair costs.
By capitalizing on the portfolio’s superior location and implementing upgrades, ownership has set the market for rents in Isla Vista, illustrating the demand for luxury housing options in the community. An opportunity exists for a new owner to also capitalize on the irreplaceable location and luxury appeal of these assets and to maximize management efficiency and revenue by implementing by-the-bed leasing. The current owner has already accomplished by-the-bed leasing in several units and in doing so has increased revenue dramatically.
075-112-011; 075-062-003; 075-020-019; 075-173-028; 075-161-007; 075-162-006; 075-042-006
075-201-053; 075-091-040; 075-052-021