In what turned out to be the largest brokered sale in the Tri-Counties for 2018, the $76 million sale of the Isla Vista 37-property portfolio by Radius Commercial Real Estate in May, just edged out the $74 million sale of the Via Ventura apartments, which was brokered by Marcus & Millichap.
Steve Golis, founder and a principal with Radius, orchestrated the sale of 37 separate residential income properties located along the oceanfront community of Isla Vista adjacent to the UC Santa Barbara. Golis represented both the buyer and the seller in the transaction.
The properties feature a collection of single-family residences, duplexes, four-plexes and five-plus unit properties.
In a news release issued by Radius, the firm said that the owner of the Isla Vista properties approached Golis with the task of listing the portfolio.
Golis said that he considered the market experts in multifamily investments, and identified a local investor, who ended up bringing in additional investors from out of California.
Approximately 33 of the Isla Vista properties are located along the highly coveted Del Playa Drive, a stretch of mostly residential income properties within footsteps of the university. Radius said all the properties are considered high-quality, pride-of-ownership assets. The new owners plan to continue to operate the rentals as student housing. All units are leased for the 2018-2019 academic year.
“We had many interested buyers which is a testament to the strength of multifamily investments in the current marketplace,” Golis said at the time of the sale. “Vacancy rates for rental properties in Isla Vista continue to sit below 2 percent given the popularity of the beachside community to renters and students in particular.”
The transaction entered escrow in late December 2017 and closed May 1, 2018. The deal was complicated by the Thomas fire and subsequent Montecito mudslides, Golis said.
“The closing of the freeway prevented the buyers and inspectors from traveling to Santa Barbara. Both sides agreed to fly the inspectors into Santa Barbara. This was certainly one of the most challenging escrows I have ever been involved in and we are very happy we get it completed for the seller and buyers,” he said.
In addition to this portfolio, Golis also assisted the buyers in purchasing another 5-unit property from a different seller, with all sales closing at the same time.
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