Private Investors Purchase 32-Unit Apartment Property on Cliff Drive

http://www.noozhawk.com/noozhawk/article/091712_investors_purchase_apartment_property_cliff_drive/

By Ted Hoagland for Hayes Commercial Group

Ocean-view complex on the Mesa sells for $6.77 million

The year 2012 has been marked by an increase in sales of 20-plus unit apartments on the South Coast. There have been six such properties sold so far this year, compared with just five during the three preceding years combined.

In the most recent example, private investors purchased the 32-unit apartment property at 1035 Cliff Drive in Santa Barbara for $6.77 million in an off-market transaction. The ocean-view property is on the Mesa near Santa Barbara City College.

Francois DeJohn, Steve Hayes and Christos Celmayster of Hayes Commercial Group represented the seller. Steve Brown and Austin Herlihy of Radius Group represented the buyer.

“Demand for multifamily property is currently outpacing supply on the South Coast,” Celmayster said. “As a result, we have seen more off-market transactions, and in a some cases purchase prices have yielded capacity rates below 5 percent, which is indicative of a seller’s market.”

— Ted Hoagland is the marketing manager for Hayes Commercial Group.

http://www.noozhawk.com/noozhawk/article/091712_investors_purchase_apartment_property_cliff_drive/