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Rare New Construction MXU MF in Santa Barbara Sold for $56M
Marcus & Millichap’s Institutional Property Advisors (IPA) division handled the $56.2-million sale of The Marc, a new-construction, luxury 89-unit multifamily asset with a retail component in Santa Barbara, CA. The buyer was Realty Center Management, Inc., while the seller was a partnership between Los Angeles-based The Kor Group, REthink Development of Santa Barbara and several affiliates of Westport Capital Partners LLC.
“The Marc is the only institutional-quality multifamily property to be built in Santa Barbara in the last 40 years, which makes it a scarce commodity in a highly sought-after but severely under-supplied city,” says IPA’s Greg Harris, who along with Ron Harris, Kevin Green and Joseph Grabiec represented the sellers.
Built in 2017 on State Street, the 78,166-net-rentable-square-foot building has panoramic views of the Santa Ynez Mountains and 2,500 square feet of ground-floor retail.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




