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Pacific Coast Business Times: Deal of the Week

February 28, 2014

Pacific Coast Business Times: Deal of the Week

Santa Barbara, California – Published 2/28/2014
Pacific Coast Business Times
Pacific Coast Business Times: Deal of the Week
By Marlize van Romburgh, Commercial real estate

South Coast apartment deals reached a six-year high in 2013, closing the year with 22 sales of properties of more than five units in size, Radius Commercial Real Estate & Investments noted in its fourth-quarter report. Seven of those deals came in the fourth quarter.

Among the most notable and previously unreported deals of the year was the sale of The Loop in Isla Vista. The ultra-green, luxury mixed-use complex includes 48 apartments and ground-floor retail space. It was the first major project by Santa Barbara-based development firm Mesa Lane Partners. The property sold for $29.3 million to a Chicago-based investment group, Radius said.

“The trend of low vacancies and increased rents along the South Coast is due to stabilizing employment and other demographics that point to population growth,” Radius said. “There is some new inventory coming on line soon, such as the 100-unit Willow Springs expansion in Goleta now leasing, which should be easily absorbed. The rise in home prices and interest rates should serve to keep apartment vacancy levels low in the near term.

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