Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Villa del Sol, 197-unit, age 55-plus seniors apartment complex in Santa Maria, California. The property sold for $48 million, which equates to $243,654 per unit.
“Santa Maria is the largest population center and fastest-growing city in Santa Barbara County,” said Kevin Green, IPA executive director. “Single-family home values, average household incomes and rents are all on the rise while apartment vacancy rates have trended lower and are expected to bottom out at 1.5 percent in the near future.” Green and IPA’s Joseph Grabiec and Greg Harris represented the seller, Villa del Sol LP, and procured the buyer, a Southern California-based private partnership. The property was built and managed by the Towbes Group.“The premier asset for 55-plus residents in Santa Maria, Villa del Sol is well positioned to capitalize on the city’s growth,” added Grabiec. “With many seniors downsizing and cashing out of their single-family homes in recent years, and no senior-restricted developments on the horizon, we anticipate that Villa del Sol will continue to be the market leader for years to come.”
Located an hour from Santa Barbara, the property is situated along Blosser Road, within proximity of the Santa Maria Country Club, Waller Park, and Skyway Business Park. Shopping is nearby at the Crossroads at Santa Maria and Santa Maria Town Center. Vandenberg Space Force Base is 15 miles away.
Built in 2018, the seven building, 247,421-square-foot property has a pool, spa and seven laundry rooms. The unit mix includes studios, one- and two-bedroom apartments. All units have nine-foot ceilings and select units have private patios or balconies and walk-in closets.