News Alert: Amid Rent Control Debate, 1825 Chapala Street Sells in Santa Barbara’s Largest Apartment Sale of 2026

A 40-unit apartment property at 1825 Chapala Street, a block from State Street in Santa Barbara, has sold for $11,995,000. By our team’s count, it is the largest apartment sale in the City of Santa Barbara this year, a year in which the City froze rents in February and adopted a permanent rent control ordinance in October. The sellers, Todd Drevo and Melanie Cava, had owned the property for about 25 years.

The buyer, a private investor who already owns property elsewhere in Santa Barbara, bought it as part of a 1031 exchange. It is a largely stabilized asset. Built in 1966 on a 28,750-square-foot lot, it has three two-story buildings around a landscaped courtyard, with 40 junior one-bedroom, one-bath apartments, on-site laundry and parking. The roofs were replaced in 2023, the parking lot was resurfaced in 2025, and most of the apartments have been updated with new kitchens, flooring and windows. The sale comes while Santa Barbara’s rent rules are in flux. The rent stabilization ordinance the City Council adopted in October is now the subject of a referendum petition, and a temporary rent freeze has been in place since February. Rent control limits increases for existing tenants, but state law still lets an owner set a new rent when a unit turns over, and small apartments like these naturally turn over more often than larger ones.

The sale comes while Santa Barbara’s rent rules are in flux. The rent stabilization ordinance the City Council adopted in October is now the subject of a referendum petition, and a temporary rent freeze has been in place since February. Rent control limits increases for existing tenants, but state law still lets an owner set a new rent when a unit turns over, and small apartments like these naturally turn over more often than larger ones.

“Under rent control, turnover is how rents get back to market. Smaller units like these turn over more often, just by the nature of the beast, so a building full of junior one-bedrooms can sometimes be more valuable to a buyer than people expect. This one was also largely stabilized, with the roofs and paving already done.”

JACK GILBERT  ·  RADIUS COMMERCIAL REAL ESTATE

“A sale this size shows there are still buyers for well-located apartments in Santa Barbara, even with rent control looming and so much still unknown. A lot of investors are on the sidelines and debt is still expensive, so the buyers who are active are underwriting every building carefully. Todd and Melanie stayed patient, and that’s what got this done.”

STEVE GOLIS  ·  RADIUS COMMERCIAL REAL ESTATE

Steve Golis, Jack Gilbert and Aneta Jensen of the Golis Team at Radius Commercial Real Estate represented the sellers. Matt Kipp and Nick Kazemi of Marcus & Millichap represented the buyer.

“We’ve owned 1825 Chapala for about 25 years, so selling it was a big decision for us. Steve, Jack and Aneta knew the building and the market, kept us informed at every step, and got it closed on the timeline we needed.”

TODD DREVO AND MELANIE CAVA ·  SELLERS

ABOUT THE GOLIS TEAM   The Golis Team at Radius Group Commercial Real Estate represents families, estates and private investors in apartment and investment property sales from Ventura County to San Luis Obispo County, with more than $1.5 billion closed since 2003.