Santa Barbara Independent: Investor Puts 37 Isla Vista Properties on the Market

A package of 37 Isla Vista properties, most on Del Playa Drive, recently went on the market for $79 million. Located in the college town near UC Santa Barbara, the portfolio includes 66 units, space for more than 500 students, according to commercial real estate firm Radius.

A complete picture of the property owners is not clear. Major Isla Vista landlord James Gelb, a Montecito resident, owns a number of the properties. He declined to comment for this story.

In a flashy video, Radius called the deal “an opportunity of a lifetime.” The units are a mix of duplexes, four-plexes, and single-family homes that have been “tastefully updated” and are already preleased for next school year. Realtor Steve Golis of Radius was not immediately available for comment.

Many of the properties hug the bluffs. Considerable cliff erosion occurred after last year’s El Niño storms. More than 20 students were evacuated from a nearby oceanfront apartment after county building inspectors red-tagged the Del Playa property.

The listing comes at a time when Isla Vista apartment properties are as high as they have been in years. It also comes at a time when UC Santa Barbara is in discussions with Montecito resident and investor Charlie Munger to add thousands of new dorm beds on campus.