SANTA MARIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $116 million sale of La Vista Apartments, a 460-unit multifamily community located in the Central Coast community of Santa Maria.
Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller, Kennedy Wilson, and procured the buyer, WestView Capital, in the transaction. The property is the largest multifamily asset to trade hands in Santa Barbara County both by number of units and sales price, according to IPA.
Constructed in 1979 on 31 acres, the community offers studio, one-, two- and three-bedroom units. Shared amenities include two pools and spas, a clubhouse, leasing office, large courtyards, picnic tables and grills.
“Santa Maria is in the midst of a dynamic growth period with surging housing demand,” says Grabiec. “It is estimated that the city’s population will grow 27 percent between 2024 and 2050, and during the next five years, average year-over-year rent growth is projected to be 4 percent annually while occupancy remains above 96.5 percent.”
Beverly Hills, Calif.-based Kennedy Wilson (NYSE: KW) is a real estate investment firm with over $28 billion of assets under management across the United States, United Kingdom and Ireland. The company’s stock price closed at $9.99 on Dec. 31, down from $11.59 on Dec. 29, 2023.
WestView Capital is a Boston-based private equity firm that manages $2.7 billion in capital across five funds.
—Katie Sloan