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1/02/26
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Montecito Apartments, a 114-unit multifamily property in Santa Clara, was acquired for $51.7 mil ($453.5k/unit) by a venture that intends to maintain the asset as an affordable housing property. The new ownership is a partnership led by Las Palmas Housing and Belveron Partners.
Built in 1970, Montecito Apartments is located at 3765 Tamarack Lane, north of El Camino Real and just west of Lawrence Expwy in the city’s Ponderosa neighborhood. The property consists of 11 buildings on just over two acres.
Community amenities at Montecito Apartments include a swimming pool, BBQ grills, a fitness center, a courtyard lounge with Wi-Fi, package lockers and more. Individual apartments feature in-unit washer/dryers, air conditioning, wood-style flooring, private patios or balconies and a LATCH keyless entry system.
The property was sold by an affiliate of Pacific Urban Investors, who paid $50.7 mil for the asset in October of 2022.
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