Capitoline Properties LLC, a local real estate investment and development company, is proud to announce the acquisition of the Santa Barbara Tourist Hostel and real property located at 134 Chapala St. The acquisition marks the young company’s second completed deal of the year. The company’s first acquisition, The New Tahitian apartments located in Isla Vista, CA, which has since been rebranded as The Tahitian apartments, was completed in June of this year.
“The purchase of the Santa Barbara Tourist Hostel was a slight stray from our typical investment focus; however, we were extremely attracted to the prominent downtown location of the building as well as the reputable business that the prior owners have created. We see the redevelopment of the lower State Street area and the Funk Zone as extremely beneficial to local residents, tourists and the city as a whole and view this transaction as an excellent opportunity to contribute to the progress,” said Capitoline. “We look forward to developing relationships with local businesses and the community in order to provide our guests with access to all that Santa Barbara has to offer.”
Capitoline said of their goals for the Hostel, “our short term plans are to run the business status quo while addressing minor maintenance and cosmetic issues on the property as well as investing in technologies to run the business more efficiently. Our overall goal is to create an exciting and pleasurable atmosphere for our guests, and most importantly, a positive impact on the local community and economy.”
Both parties to the transaction were represented by Stuart Fuss and Samantha Friedman of Montecito Real Estate Investments, Inc.
About Capitoline Properties, LLC
Capitoline Properties, LLC is a full service real estate investment and development company headquartered in Santa Barbara, CA. The firm’s main investment focus is multi-family apartment communities with its portfolio concentrated in the Central Coast of California and Bozeman, MT. In addition, the company has an in-house property management division, Capitoline Management LLC, run by a team of seasoned property managers and leasing/maintenance professionals.