Santa Barbara Luxury Asset Sells for $56M
- Jan 09, 2019
Realty Center Management has purchased The Marc, an 89-unit luxury community in Santa Barbara, Calif., for $56.2 million. Institutional Property Advisors of Marcus & Millichap arranged the sale on behalf of the seller, a partnership between the Los Angeles-based The Kor Group, REthink Development and Westport Capital Partners LLC.
The Marc is located at 3885 State St., near freeways 1, 101 and 154. The community is also close to various dining and shopping options, as well as to employers in the city’s medical, tech, aerospace and energy and environmental industries, such as Santa Barbara Cottage Hospital, Sonos, LinkedIn, Citrix Systems, Deckers Brands and Zodiac Aerospace.
Built in 2017, the Class A facility comprises a mix of one-, two- and three-bedroom units, averaging 850 square feet. The community also features 2,500 square feet of ground-floor retail. Communal area amenities include:
- controlled access
- fitness center
- swimming pool
- covered parking
“More than 60 percent of Santa Barbara’s residents live in renter-occupied housing and The Marc attracts premier tenants,” said Ron Harris, executive director at Institutional Property Advisors. “Over half of the residents report annual incomes of more than $150,000.”
The brokerage team included Executive Directors Harris and Greg Harris, and Senior Directors Kevin Green and Joseph Grabiec. In October, the team also brokered the sale of Carillon Apartment Homes, a 264-unit community in Woodland Hills, Calif.
Image courtesy of Institutional Property Advisors