Fully Affordable Central Coast Community Trades for $63M

CBRE Affordable Housing’s Tim Flint and Jeff Kunitz, along with Stewart Weston and Dean Zander of the company’s Newport Beach office, arranged the $63 million sale of Vizcaya in Santa Maria, Calif. Buyer Kennedy Wilson acquired the 236-unit fully affordable asset. CBRE represented seller Vaughn Bay Construction in the deal.

In September, CBRE’s Flint closed the $48 million sale of an affordable community in Yonkers, N.Y.

Located at 1720 S. Depot St. in the greater Santa Barbara area, Vizcaya has a mix of one- to four-bedroom units, averaging 940 square feet. All apartments are kept affordable by an LIHTC Land Use Restriction Agreement, limiting residents to those earning no more than 60 percent of the area median income. Ten percent of the units are set aside for those making 50 percent or less of the AMI.

In addition to standard amenities including a swimming pool, playground and community room, the 28-building property provides after-school programs and licensed childcare to tenants free of charge. According to Yardi Matrix data, Vizcaya last changed hands in 2007. During the past three years, the property has maintained an occupancy of 98 percent.