Santa Barbara apartment asset listed at $33 Mil
Santa Barbara, Calfornia – Published 8/15/2013, Rentv.com
Santa Barbara, CA – In news of a notable multifamily offering from the Santa Barbara area, Harbor Heights Manor, a 97-unit complex located at 831 Cliff Dr, near West Beach, has come on the market with an asking price of $33 mil, or roughly $340k/unit. We’re told that this transaction will be the largest multifamily sale in the area since a trio of Isla Vista transactions in 2010 ranging in size from $27-$37 mil.
Built in 1970, the property occupies a sizable footprint on a rise that sits on the doorstep of Santa Barbara City College, at the corner of Cliff Dr. and Loma Alta Dr. The listing is being handled by Steve Golis, Brian Johnson and Jon Standring of Radius Commercial Real Estate & Investments.
“You can’t get any closer to campus unless you’re on campus,” said Radius Principal Steve Golis, who expects the property’s ideal location, in addition to numerous amenities including swimming pool, sauna, game room, on-site laundry and off-street parking, to be very appealing to prospective buyers just as it is to renters.
The offering follows a number of apartment sales in the area within the past several months, most notably the sale of a similar property, the 63-unit New Tahitian Apartments in Isla Vista, which was purchased by a local investor in June for $14.3 mil. Another high end rental property located at 813 E. Anapamu received more than 20 offers earlier this year. Additionally, of the eight multi-family properties of five or more units in size that are currently for sale along the South Coast, six are in escrow.
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