Azure Apartment Homes showed unusual sales demand for California's Santa Barbara County, even in the recent era of tight financing.
The 318-unit luxury coastal property was the first 100-plus unit complex less than 10 years old to trade in the county, according to CoStar data. It sold for $113.5 million, or $356,918 per unit, in December.
The property is also the only luxury rental housing option within a short commute of Vandenberg Space Force Base.
In recognition, a panel of local commercial real estate judges selected the Azure Apartment property as the winner of the 2024 CoStar Impact Award for sale/acquisition of the year for the Santa Barbara/Santa Maria/Goleta market.
About the Deal: Los Angeles-based Afton Properties finalized a deal with MBK Real Estate Cos. to acquire the complex in Santa Maria. The property was built in 2021-2022 on 14.5 acres at 703 E. Meehan St. The units feature 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 and covered patios with storage rooms. Afton secured $74.5 million in acquisition financing through Arbor Commercial Funding for the purchase.
What the Judges Said: "The resale in less than eight months was impressive," said Preston Thomas, senior vice president and principal at Colliers. "The price per square foot seems very good. In addition, with development at a standstill, it was impressive for a commercial parcel of this size to trade twice within a year."
They Made It Happen: Kevin Green, Joseph Grabiec and Gregory Harris of Marcus & Millichap brokered the sale.