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California  + Los Angeles  + Retail  | 

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.


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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition
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