Student housing investors have been given the opportunity to acquire an 84-unit residential portfolio located just a short drive from the University of California, Santa Barbara, after it was recently placed on the market. A listing from Radius Commercial Real Estate shows that the La Loma Apartments in Isla Vista are being offered at $36 million, or about $428,571 per unit.
“Offering great upside potential and the unique opportunity to own one of the largest student housing assets in the Isla Vista community adjacent to the UCSB campus – [The] first time on the market in over 20 years,” the listing states.
Located at 851 Camino Pescadero, the property is currently owned by Santa Barbara-based Eckert Investments. Since acquiring the 70,000 square-foot 1960s-era building, the company has renovated 30 of the units to include more modern features.
In total, the apartment community offers 57 one-bedroom units and 27 studio units as well as 82 parking spaces. With rental rates at the property ranging from $1,645 to $2,225 per month, current net operating income totals $1.1 million.
The property is situated within close proximity to UCSB, which, as of most recent data from 2021, enrolls 23,196 undergraduate students. In addition to its close proximity to the university, the property also is just outside Goleta and about 10 miles to Santa Barbara. Students also have easy access to nearby amenities, like the Campus Point Beach and the Santa Barbara Municipal Airport. While just 1.8 square miles, the Isla Vista community is also highly walkable and serviced by the Santa Barbara Regional Transit Authority bus line.
“The subject portfolio is situated in the idyllic college beach community of Isla Vista, known for its 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,” the listing states.