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1/29/14
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Two multifamily properties were sold in the Santa Barbara/Ventura County markets at the end of 2013 in separate deals totaling $33.25 mil. Melinda Russell of CBRE’s Los Angeles North Multi-Housing group represented both the buyer and the seller in the two transactions.
In one of the deals, a private investor paid $17 mil for Sunset Cove, an 84-unit ($202k/unit), 1970s complex in Oxnard, in an off-market transaction. Located at 1460 South Victoria, across from the new Seabridge Marketplace shopping center and a block from Channel Islands Harbor, the property consists of a majority of two- and three-bedroom units. Benedict Canyon Equities was the seller.
“Given its age, this project sold for a record price of over $200,000 per unit,” says Russell. “This price was justified by the unit mix, the well-maintained condition of the property and its proximity to the Harbor, ocean and new commercial development.”
In the other deal, Lavender Court, a Class A, 41-unit condominium project located in Carpinteria, sold for $16.250 mil ($396.3k/unit). The property has 40 condominiums and one currently leased commercial space that has potential for developing more units or to be broken into three retail spaces. The project can be sold as individual condo units or can continue to be rented. Both the seller and the buyer have requested to remain undisclosed, but are local Santa Barbara businesses.
The exterior finishes of the property include craftsman-style wood doors, Anderson Windows and copper lighting fixtures at the front entry. The complex features two- and three-story units, a landscaped courtyard, individual garages, private yards and front porches. Interior finishes have stainless steel appliances, granite kitchens and baths, a wet bar in the master bedroom and fireplaces in the living room, skylights and several “live/work” units for residents who can run retail businesses attached to their homes.
According to Russell, “There was a strong response to this offering, which was under contract within 30 days of the signed listing. The high quality of the building, the flexibility of some of the space, the location just five blocks from the ocean, and the rare architecture, all made this a compelling and exciting investment. Additionally, this market has huge barriers to entry and there is nothing on the rental market of this quality from Ventura to Santa Barbara.”
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