West Beach apartment complex listing pushes market higher
Santa Barbara, CA – The 97 unit Harbor Heights Manor apartment complex near West Beach has entered the area’s hotly contested multifamily investments market with a price tag of $33 million or $340,000 per unit.
Radius Commercial Real Estate & Investments, which listed the asset, says the sale will be the largest in the area since a trio of Isla Vista transactions in 2010 ranging in size from $27-$37 million.
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 Drive and Loma Alta Drive.
“You can’t get any closer to campus unless you’re on campus,” said Radius principal Steve Golis. Golis and fellow agents Brian Johnson and Jon Standring were recently named the exclusive brokerage team representing the property owner. Golis 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.
“We’ve had immediate interest from buyers all over the country who recognize the property’s long-term value,” he said, adding that it would be an ideal student housing opportunity given its close access to the college. “But it’s also attractive to straight-forward multifamily investors given its general location, scale and quality.”
The offering follows a swath 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 million.
“It seems I’ve been saying a lot recently how the apartments market is on fire,” said Golis. “Clearly opportunities of this size and caliber don’t come on the market very often, and with the potential for solid, consistent rental income, it will be very attractive to many investors.”
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