Beachside Partners announced the largest multifamily property sale in Santa Barbara of this year with the close of escrow on the San Pascual Apartments. The off-market transaction was all cash and escrow closed December on 1st for $9.45 million. One of the largest such sales in the county over the past two years, the 25-unit complex is located at 1109-1119 San Pascual Street on Santa Barbara’s Westside.
Beachside Partners founder Jon Standring represented the buyer, an investment group based in California and the seller represented themselves. “I was approached by the buyer, who needed to find a local asset for a large 1031 Exchange,” Standring said. The San Pascual Apartments were built by the seller and had never been on the market. According to Standring, the buyer plans to address deferred maintenance over the next few years and will have Sandpiper Property Management take over as property manager. “We have been very busy this year” said Standring, who along with Lori Zahn, also represented the buyer of 40 Units in Santa Maria in January.
Zahn, who joined Beachside Partners in 2019, shared “I’m very proud of our dedication and ability to navigate this environment and really believe it’s what sets us apart. Beachside Partners has become a top producing Multi-Family brokerage on the South Coast and I love being a part of it.”
Nick Henry who is a partner and top producing apartment sales broker for Ventura County, added “This year has definitely had its ups and downs, but we worked very hard to ensure our clients’ expectations were met and we continued to grow as a company.”
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