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June 15, 2024
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San Luis Obispo Multifamily Property Traded in $10.5 Mil Deal


Vitus Group, out of Seattle, paid $10.5 mil for the Madonna Road Apartments, a 120-unit ($87.5k/unit) affordable housing community located in San Luis Obispo. It was sold by a nonprofit corporation controlled by a local affiliate of the United Brotherhood of Carpenters and Joiners of America.

Madonna Road includes 120 garden-style units on a seven-acre parcel at 1550 Madonna Rd in the city of San Luis Obispo, a highly-desirable region of California’s Central Coast located midway between Los Angeles and San Francisco. Originally constructed as affordable housing, Madonna Road includes one-, two-, three-, and four-bedroom units that average approximately 983 sf in size. Common area amenities include a managerial office, a community center, barbeque areas, and a large central playground.

Vitus used a combination of Private Activity Tax-Exempt Bonds and Low Income Housing Tax Credits to acquire the property. In addition to restructuring and extending Madonna Road’s affordability restrictions, Vitus plans a major renovation of the entire property.

The seller was repped by Nathan Blair and Barrett Bass of San Francisco-based Arroyo & Company. Vitus, which repped itself in the deal, specializes in the acquisition and rehabilitation of affordable housing projects across the nation.

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