Kennedy Wilson Sells Central California Asset for $116M
Institutional Property Advisors brokered the deal.
Westview Capital has purchased La Vista Apartments, a 460-unit asset in Santa Maria, Calif., for $116 million. Kennedy Wilson sold the property in a deal brokered by Institutional Property Advisors, a division of Marcus & Millichap.
Trading at $252,174 per unit, La Vista’s sale marked the largest multifamily asset trade in the history of Santa Barbara County in terms of unit count and sale price.
The asset is subject to a CMBS loan of $79.4 million bearing a maturity date set for 2030 and an interest rate of 5.37 percent, according to Yardi Matrix data. CBRE Capital Markets originated the debt in 2023 with Computershare as trustee. Wells Fargo and CWCapital Asset Management serve as the note’s master and special servicer, respectively.
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Dating back to 1978, La Vista Apartments encompasses 26 buildings consisting of studio and one- to three-bedroom layouts, ranging between 393 and 1,300 square feet. A light renovation strategy may be implemented in 95 percent of the units, according to prepared remarks by Kevin Green, executive managing director at IPA.
Located on 31 acres at 740 S. Western Ave., the property is less than 2 miles from downtown Santa Maria and roughly 3 miles from U.S. Route 101 which runs through Greater Los Angeles and San Francisco Bay Area.
Community amenities include two swimming pools and spas, a clubhouse, as well as a carport and large courtyards, among others. Select units feature vaulted ceilings and plank flooring.
IPA Executive Managing Directors Gregory Harris, Green and Joseph Grabiec represented the seller and procured the buyer.
Central California multifamily transactions pick up steam
Throughout the Central Coast market, more than 800 units traded for a total of nearly $265 million during 2024, Yardi Matrix shows. Last year’s figure was slightly lower as investors acquired some 670 units for a total multifamily investment volume of roughly $205 million.
Santa Maria is the fastest-growing city in the county of Santa Barbara and its population is slated to grow by 27 percent between 2024 and 2050, according to prepared statements by Grabiec. The average rent growth in Santa Maria is projected to clock in at 4 percent annually in 2024, while the occupancy rate is bound to stay above 96.5 percent, he continued.
The same IPA team brokered another deal that closed in December of last year. Afton Properties paid $114 million to acquire MBK Real Estate’s Azure Apartment Homes, a 318-unit asset in Santa Maria.
