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December 10, 2017
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VENTURA COUNTY NEWS
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Santa Barbara Multifamily Property Site Sells for Nearly $12 Mil

11/07/17

A one-acre land parcel in Santa Barbara, currently improved with a 48-unit multifamily property, has sold for $11.95 mil. The parcel, situated near the intersection of State St and North La Cumbre Rd, is currently occupied by the La Cumbre Plaza Apartments.

The parcel, located at 120 North La Cumbre Rd, is in close proximity to local beaches, as well as popular boutiques and restaurants in downtown Santa Barbara, making this property a strong acquisition based on its long-term value.

Kerry Cole with DAUM Commercial, represented both the buyer, a family trust, and the seller, a family ownership group, in the transaction. Cole notes that the sale transaction was complex based on the need to negotiate not only between seller and buyer, but also with the owner of the multifamily community.




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