Exclusive: Farallon Snaps Up 460 Units on California Coast
The community previously traded just two years ago for $116 million.
Farallon Capital has picked up La Vista, a 460-unit community in Santa Maria, Calif., according to Yardi Matrix. Los Angeles-based Westview Capital sold the asset.
(Seller Westview Capital is not affiliated with Boston-based private equity company WestView Capital Partners.)
The property previously changed hands two years ago, when the former owner bought the asset from Kennedy Wilson for $116 million, or $252,174 per unit.
Located at 740 S. Western Ave., the 26-building property opened in 1978. It sits on more than 31 acres in an Opportunity Zone. Multiple dining and retail options are within walking distance, with downtown Santa Maria less than 2 miles northeast.
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The community comprises studios and one- to three-bedroom floorplans ranging from 393 to 1,300 square feet. All units have washer-dryers, microwaves and kitchens with breakfast bars. Select apartments also include kitchen pantries and private balconies or patios.
The pet-friendly La Vista features a community room, a playground, a barbecue area, two swimming pools, two spas and more than 700 parking spaces.
Multifamily deals in tertiary California markets
Other investors have also been active in the area, with a couple of other sales closing in the past 12 months. Abacus Capital Group purchased the 128-unit Knollwood Meadows at 4036 Cedarhurst Drive, according to Yardi Matrix data. Also, Sack Capital Partners bought the 272-unit Hancock Terrace at 534 E. Boone St., for $75 million, or $275,735 per unit. The Towbes Group sold both communities.
La Vista is not Farallon Capital’s sole multifamily asset in a tertiary California market. Together with Ridge Capital Investors, the company acquired the 107-unit Wimbledon Square in Lodi, in Central Valley. The property traded for $16.2 million just last month.
