Azure, a 318-unit, luxury garden-style apartment community in the SoCal city of Santa Maria, has traded hands. While we’ve not been able to confirm the buyer or the price, we’ve heard that the buyer was Afton Properties, which owns and manages other multifamily properties in the area.
The community was sold by MBK Rental Living, which developed and completed construction of the asset in September 2020. The community consists of 318 studio, one-, two-, and three-bedroom residences ranging in size from 406 sf to 1.2k sf.
Residents enjoy open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless-steel appliances, quartz countertops, closets with built-in shelves, covered patios with storage rooms, and more. Shared amenities include a modern farmhouse-style clubhouse with an entertainment kitchen, two resort-style swimming pools surrounded by cabanas and a firepit, two spas, traditional and Santa Maria-style barbeque grills, a 24-hour fitness center, futsal sports court, Tesla charging stations, two playgrounds, dog park and pet spa, business center, and more.
Located on approximately 14 acres at 703 E. Meehan St, Azure is surrounded by nearby shopping including the Enos Ranch shopping center, Costco, Lowe’s, Best Buy, Kohl’s, Target, Trader Joe’s, Walmart and Office Depot. Dining options in close proximity include In-N-Out Burger, Buffalo Wild Wings, and many popular restaurants serving famous Santa Maria-style barbecue. Residents also benefit from quick access to U.S. Route 101 leading to Santa Barbara, San Luis Obispo, Los Padres National Forest, Solvang, Los Olivos, 14 different wineries, and nearby beaches.
Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors brokered the sale on behalf of MBK.
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