MBK Rental Living Sells Santa Maria Apartment Community Azure

The sale presented a strong upside in the rapidly growing Santa Maria area, which surpassed Santa Barbara as the county’s largest city in 2005.

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Azure
Located on approximately 14 acres at 703 E. Meehan Street, Azure is surrounded by nearby shopping including the Enos Ranch shopping center, Costco, Lowe’s, Best Buy, Kohl’s, Target, Trader Joe’s, Walmart and Office Depot. Dining options in close proximity include In-N-Out Burger, Buffalo Wild Wings, and many popular restaurants serving famous Santa Maria-style barbecue. Residents also benefit from quick access to U.S. Route 101 leading to Santa Barbara, San Luis Obispo, Los Padres National Forest, Solvang, Los Olivos, 14 different wineries, and nearby beaches.

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.

Azure
Residents enjoy open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless-steel appliances, quartz countertops, closets with built-in shelves, covered patios with storage rooms, and more.

Azure

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.

Azure

“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.