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Record Sale of La Vista Apartments in Santa Maria
SANTA MARIA, Calif.—Institutional Property Advisors (IPA), a division of Marcus & Millichap, has announced the successful sale of La Vista Apartments, a substantial 460-unit multifamily property located in Santa Maria, California. The transaction was finalized for $116 million, translating to approximately $252,174 per unit and marking it as the largest multifamily property sale in Santa Barbara County based on both unit count and sales price—a new benchmark set by IPA.
According to Joseph Grabiec, IPA’s executive managing director of investments, Santa Maria, recognized as the fastest-growing city in Santa Barbara County, is currently experiencing significant development alongside a notable increase in housing demand. Projections indicate that the city’s population is expected to rise by 27% from 2024 to 2050. Furthermore, over the next five years, rent is anticipated to grow by an average of 4% each year, while occupancy rates are expected to remain above 96.5%. Grabiec, alongside Kevin Green and Gregory Harris of IPA, represented the seller, Kennedy Wilson, while successfully identifying Westview Capital as the buyer.
Speaking on the property’s potential, Green noted that the new owners will benefit from an appealing yield, a reliable income stream, and the opportunity to enhance long-term rent growth through strategic renovation investments in 95% of the units.
La Vista Apartments boasts a strategic location, with easy access to U.S. Route 101 and State Route 135. It is within a convenient distance from key landmarks such as Vandenberg Space Force Base, Dignity Health Regional Medical Center, Minami Community Center, and Skyway Business Park. Moreover, several retail centers, including the Crossroads at Santa Maria, Santa Maria Town Center, and Enos Ranch Business Center, are readily accessible from the property.
Constructed in 1979 and spanning 31 acres, La Vista Apartments features a range of community amenities. Residents can enjoy two swimming pools and spas, a clubhouse, leasing office, expansive courtyards, picnic tables, and Santa Maria-style barbecue grills. The apartments themselves are designed with large closets, fully equipped kitchens featuring breakfast bars and pantries, and select units include vaulted ceilings and skylights.
About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) operates as a division of Marcus & Millichap, a prominent firm in North America’s commercial real estate services sector. With an emphasis on real estate investment and capital markets, IPA offers tailored solutions for the acquisition, disposition, and financing of institutional properties and portfolios, leveraging advanced technology and respected research efforts.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. stands as a leading brokerage firm focused on commercial real estate investment sales, financing, research, and advisory services across the U.S. and Canada. As of December 31, 2023, the firm employed 1,783 investment sales and financing professionals in over 80 offices. In 2023, Marcus & Millichap successfully closed 7,546 transactions, amounting to a sales volume of roughly $43.6 billion, further solidifying its reputation in the market.
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