There have been 6 such properties sold so far this year, compared to just 5 during the three preceding years combined. In the most recent example, private investors purchased the 32-unit apartment property at 1035 Cliff Dr in Santa Barbara 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.
“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 cap. rates below 5%, which is indicative of a seller’s market.”
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Comments
As long as Dario Pini didn't buy it, I am thrilled to see that some segments of the real estate marker are picking up.
banjo (anonymous profile)
September 29, 2012 at 2:55 p.m. (Suggest removal)
Now, let's hope that the new owners will renovate the building instead of putting it on the rental market well-below standard, like most of I. V.
dou4now (anonymous profile)
October 1, 2012 at 11:36 a.m. (Suggest removal)