PREMIER istaistarniarnia STUDENT HOUSING PORTFOLIO 10 …...The Subject Portfolio is situated in the...
Transcript of PREMIER istaistarniarnia STUDENT HOUSING PORTFOLIO 10 …...The Subject Portfolio is situated in the...
PREMIER S T UDENT HOUSING
P OR TF OLIO
10Multifamily properties located in the beachside community of
Isla Vista, CA adjacent to the University of California,
Santa Barbara
100Upgraded units,
100% occupancy
372Projected beds with
$1,000/bed rent
Isla VistaCaliforniaIsla VistaCaliforniaIsla VistaCalifornia
C ALL FOR OFFERS DUE JUNE 15, 2020
This 10-property student housing portfolio is offered for sale free and clear of debt without an asking price.
Serious investors should base their offer and pricing on the “As Is, Where Is” condition of the properties.
Please submit offers to [email protected].
Contact Listing Agents for detailed brochure.
S T E V E G O L I S805.879.9606
[email protected] Lic. 00772218
B R I A N J O H N S O N805.879.9631
[email protected] Lic. 01361925
R O B H A M B L E T O N805.879.9611
[email protected] Lic. 01858350
S H A R I F E L S E I F Y805.879.9650
[email protected] Lic. 01984886
O F F E R I N G P R E S E N T E D E X C L U S I V E L Y B Y
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E X E C U T I V E S U M M A R Y
Properties10
Units100
Projected Beds372
Year BuiltVarious
Projected Rent/Bed$1,000
Occupancy100% (1/1/2020)
PriceUnpriced – Offers due by
June 15, 2020
The offering presents a rare opportunity to acquire a significant portion of residential rental units in
the supply constrained and demand-inelastic, premier student housing market of Isla Vista, CA near the
University of California, Santa Barbara.
This portfolio of multifamily assets comprises 10 properties ranging in size from 2–42 units, all located
within the coastal community’s prime leasing area. All properties are situated off the coastal bluffs and are
just footsteps from the UCSB campus, numerous dining options and amenities and the beach.
The properties have boasted 100% occupancy under current ownership and are among the first multi-unit
buildings in Isla Vista to lease up every year. The portfolio has provided luxury housing options to students
seeking safe, high quality accommodations close to campus. Ownership has routinely invested in significant
upgrades since acquiring the assets and a majority of the units have been enhanced with premium finishings
like vinyl plank flooring and new kitchen and bathroom tile. Additionally, all portfolio properties are under
professional property management which carefully selects renters, contributing to historically low repair
costs.
By capitalizing on the portfolio’s superior location and implementing upgrades, ownership has set the
market for rents in Isla Vista, illustrating the demand for luxury housing options in the community. An
opportunity exists for a new owner to also capitalize on the irreplaceable location and luxury appeal of these
assets and to maximize management efficiency and revenue by implementing by-the-bed leasing. The current
owner has already accomplished by-the-bed leasing in several units and in doing so has increased revenue
dramatically.
Market Summary | Isla Vista
Isla Vista is a one-square-mile community situated on California’s sunny Central Coast, just north of Santa
Barbara and approximately 100 miles northwest of Los Angeles. The unincorporated community serves as
housing hub for students attending UCSB, perennially ranked among the nation’s top 10 public universities
by numerous media. With a Fall 2019 enrollment of 26,095, UCSB is one of the West Coast’s most desirable
universities for both in-state and out-of-state students due to its unique blend of academic prowess, social
life and ideal location along the Pacific Ocean. In fact, out of the university’s total enrolled population,
roughly 36% reside in Isla Vista, second only to campus-provided housing which serves 39% of students. Isla
Vista also serves as a hub for Santa Barbara City College students, adding to demand.
With considerable barriers to entry for development in place such as lack of available land and government
regulations, Isla Vista represents a very stable investment market with significant upside.
R A D I U S C O M M E R C I A L R E A L E S T A T E | R A D I U S G R O U P . C O M
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5 U C S BUNITS UNIT MIX APN
1. 910 Camino Pescadero 42 (42) 1 + 1 075-112-011
2. 6565 Segovia Rd. 12 (12) 1 + 1 075-062-003
3. 6656 Picasso Rd. 10 (6) 2 + 1, (4) 1 + 1 075-020-019
4. 6510 Sabado Tarde Rd. 9 (6) 1 + 1, (2) 2 + 1, (1) Studio 075-173-028
5. 6599 Madrid Rd. 4 (3) 3 + 2, (1) 2 + 2 075-161-007
UNITS UNIT MIX APN
6. 6578 Trigo Rd. 5 (2) 1 + 1, (2) Studios, (1) Commercial 075-162-006
7. 760 Embarcadero Del Norte 12 (8) 1 + 1, (4) 2 + 2 075-042-006
8. 6629 Sabado Tarde Rd. 2 (2) 2 + 2 075-201-053
9. 897 Camino Del Sur 2 (2) 2 + 2 075-091-040
10. 6659 Abrego Rd. 2 (2) 2 + 2 075-052-021
P O R T F O L I O S U M M A R YP O R T F O L I O S U M M A R Y
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R A D I U S C O M M E R C I A L R E A L E S T A T E | R A D I U S G R O U P . C O M
M A R K E T O V E R V I E W
Isla VistaCaliforniaIsla VistaCaliforniaIsla VistaCalifornia
P R E M I E R C E N T R A L C O A S T S T U D E N T H O U S I N G I N V E S T M E N T O P P O R T U N I T Y 7
Isla Vista, CA: The Mediterranean meets the quintessential US College TownThe Subject Portfolio is situated in the idyllic college beach community of Isla Vista, known for it’s year-round, mild Mediterranean climate and breathtaking ocean and mountain views. This unincorporated area is located in South Santa Barbara County and part of the county’s exclusive South Coast metro area. Roughly 10 miles west of the city of Santa Barbara, Isla Vista is bounded by Goleta to the north, the University of California, Santa Barbara to the east, UCSB faculty housing to the west and the Pacific Ocean to the south. The Santa Barbara Municipal Airport conveniently sits adjacent to the community and offers direct flights via six major airlines to popular US destinations including San Francisco, Chicago, Dallas, Denver, Los Angeles, Las Vegas, Seattle, Portland and Salt Lake City.
The community primarily consists of multi-family and single-family residences and serves largely as a student housing base for UCSB. With an exceptional base of recreational amenities, Isla Vista’s downtown core includes a central park, food and beverage establishments and retail services and markets, all geared toward students. At just 1.8 sq. miles, the community is very bike friendly and is also serviced by Santa Barbara’s Regional Transit Authority bus line.
Isla VistaCaliforniaIsla VistaCaliforniaIsla VistaCalifornia
S T E V E G O L I S805.879.9606
[email protected] Lic. 00772218
R O B H A M B L E T O N805.879.9611
[email protected] Lic. 01858350
B R I A N J O H N S O N805.879.9631
[email protected] Lic. 01361925
S H A R I F E L S E I F Y805.879.9650
[email protected] Lic. 01984886
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PREMIER STUDENT HOUSING PORTFOLIOI S L A V I S T A , C A 9 3 1 1 7 ( S A N T A B A R B A R A )
Contact Listing Agents for detailed brochure.