Over the last several quarters, Southern California has seen a multitude of residential properties trade hands, and a student housing community in Goleta is adding to the list. According to a first-quarter earnings report from Essex Property Trust, the firm sold a 239-unit student housing community near the University of California, Santa Barbara, for $91.7 million, or about $383,577 per unit. The property was acquired by Core Spaces, an investment and development firm based in Chicago.
The property, CBC & The Sweeps, is located at 6721 El Colegio Road. The apartment offers a mix of unit types, including studios, one-, two- and three-bedroom units. The site also provides various communal amenity spaces, including a pool and barbecue areas.
The student housing community is closely situated to UC Santa Barbara and near various other apartments, including El Dorado Student Apartments, Berkshire Terrace, Studio Plaza and more.
Essex Property Trust is a real estate investment trust that acquires, develops and manages multifamily residential properties throughout the West Coast. Currently, the firm has ownership interests in 251 apartment communities comprising approximately 62,000 apartment homes, according to its earnings report.
The new owner of the property, Core Spaces, is a developer, owner and operator of mixed-use properties. Core Spaces was founded in 2010 and owns or manages 32 properties totaling 15,000 beds nationwide. In February, the firm announced that it formed a joint venture to acquire and operate a portfolio of student-oriented housing in university markets across the country, with over $1 billion in commitments.
