Partnership Buys 460-Unit Multifamily for $42M

SANTA MARIA, CA-Security Properties has sold La Vista Apartments, a 460-unit multifamily community located here, for $42 million to an investment partnership. The 296,800-square-foot property is located on 32 acres at 740 South Western Ave., in close proximity to Santa Maria’s newer retail, dining and entertainment centers, including Santa Maria Town Center and the Costco Power Center. The sales price equates to $91,304 per unit and $142 per square foot.

Security was represented in the deal by Stan Jones, EVP; Stewart Weston, SVP; Sal Saglimbeni, VP of investments; and Phil Saglimbeni, VP of investments at Institutional Property Advisors, a recently formed multifamily brokerage division of Marcus & Millichap. “Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Jones. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.”