SANTA BARBARA, CA-Capitoline Properties, a Santa Barbara-based real estate investment and development company, has acquired the Santa Barbara Tourist Hostel, the city's only hostel. Although the sale price is undisclosed, the company and local Santa Barbara news sources are reporting it as the largest South Coast multifamily property sale this year.

The company purchased the hostel for its prime location in Santa Barbara's growing Funk District and its close proximity to the train station. “We believe the Funk Zone's proximity to the beach as well as the types of businesses that have opened up will make the area a very good long-term destination for locals and tourists,” says Jared Filippone, Capitoline Properties VP.

Capitoline Properties plans to make minor renovations to the property, including refurnishing the guestrooms, kitchen and common areas and performing overdue maintenance tasks. The company also is looking to partner with local businesses, like bars, restaurants and activity vendors, to offer guests a more well-rounded and localized experience.