The National Tax Credit Property Advisors of Marcus & Millichap have arranged the sale of Vizcaya Apartments, a 236-unit multi-family community in Santa Maria. The sales price of $26.6 million represents $112,712 per unit.
John Walsh, vice president of investments in the Encino office of Marcus & Millichap; Robert Sheppard, vice president of investments with NTCPA; and Armand Tiberio and Spencer Hurst, both senior associates with NTCPA, represented the seller. The NTCPA team procured the buyer as well.
“Since Vizcaya Apartments is out of the initial tax-credit compliance period and has been owned by the same ownership entity for 10 years, this Santa Barbara County property presented the buyer with a great opportunity to apply for 4 percent tax credits and tax-exempt financing,” explains Sheppard.
Located at 1720 South Depot St., the 220,864-square foot apartment community consists of 26 two-story buildings situated on a 13-acre lot in Santa Barbara County, home to the Vandenburg Air Force Base and University of California, Santa Barbara.
