SANTA MARIA, CA-Kennedy Wilson has purchased the 460-unit La Vista apartment complex here for $42 million from SP Village Green LLC. The purchase included $34.2 million in financing from Freddie Mac.
The units in the 23-year-old property, made up of 26 two-story buildings, include amenities such as fully-equipped kitchens, balconies and large closets. The seller had invested $2.4 million in capital improvements since 2008, and KW will continue this investment.
Robert Hart, president of KW Multifamily Management Group, tells GlobeSt.com that the Santa Maria area is one of the most up-and-coming cities in the central California area. The city has experienced the most significant population growth in Santa Barbara County. “There just isn’t enough supply,” he says. “The area has a strong demand for workforce housing, as well as being close to Vandenberg Air Force Base.”
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