Marcus & Millichap’s division, Institutional Property Advisors (IPA), said on Monday that it had sold La Vista Apartments, a 460-unit multifamily asset in Santa Maria, California, for $116 million.
The property is the largest multifamily asset ever sold in Santa Barbara County in terms of number of units and sales price, the commercial real estate brokerage firm said.
Built in 1979 on 31 acres, the La Vista Apartments community amenities include two swimming pools and spas, clubhouse, leasing office, large courtyards, picnic tables and Santa Maria-style barbecue grills.
“The fastest-growing city in Santa Barbara County, Santa Maria is in the midst of a dynamic growth period with surging housing demand,” Joseph Grabiec, IPA executive managing director investments, said in a press release.
“It is estimated that the city’s population will grow 27% between 2024 and 2050, and during the next five years, average year-over-year rent growth is projected to be 4% annually, while occupancy remains above 96.5%.”
Stock Performance
The shares of Marcus & Millichap Inc (MMI) closed 0.11% ($0.04) higher at $38.00 in New York on Monday.
The company’s total market cap now stands at $1.475 billion.
The shares of Marcus & Millichap Inc (MMI) have lost 13.00% so far this year, following a 26.79% gain in 2023.
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