MBK Rental Living has successfully executed the sale of Azure, a 318-unit, luxury garden-style apartment community in Santa Maria, California.
Developed by MBK Rental Living and opened in September 2020, the luxury apartment community consists of 318 studio, one-, two-, and three-bedroom residences ranging in size from 406 square feet to 1,211 square feet.
Shared amenities include a modern farmhouse-style clubhouse with an entertainment kitchen, two resort-style swimming pools surrounded by cabanas and a firepit, two spas, traditional and Santa Maria-style barbeque grills, a 24-hour fitness center, futsal sports court, Tesla charging stations, two playgrounds, dog park and pet spa, business center, and more.
“We are grateful for the opportunity to have developed and leased up Azure in a market with growing demand for move-up rental housing,” said Ken McCarren, President of MBK Rental Living. “With the Santa Maria rental inventory shrinking as previously rented properties are sold to new homebuyers, high-quality apartments like Azure are in high demand. We are pleased to have completed this transaction and to know that Azure will continue to provide a valuable rental option for the community.”
Kevin Green, Joseph Grabiec, and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), brokered the sale on behalf of MBK.
“Within a rapidly changing capital markets environment, our ability to source a noncontingent buyer de-risked the transaction significantly and the resulting outcome was mutually beneficial to all parties,” said Kevin Green, Executive Managing Director of IPA.
