March 13, 2020– Avison Young announced today it has been named the exclusive listing agent for Sycamore Creek Village located at 1130 Punta Gorda Street in Santa Barbara, CA. Built in 2017, the market-rate residential rental complex consists of 40 freestanding homes situated on 1.39 acres of land in a gated community that is walking distance to the beach. The property has been 100 percent occupied since shortly after being developed in 2017, and is being offered at $17.15 million ($428,750 per unit) and a cap rate of 4%.
Avison Young’s Paul Clark, Patrick Barnes, Chris Maling and David Maling, who are all located in the firm’s downtown Los Angeles office, are responsible for marketing the property on behalf of the seller.
The unit mix includes 36 two-bedroom/two-bath, two-story homes each totaling 652 square feet (sf), and four one-bedroom/one-bathroom one-story homes each totaling 424 sf. The modern homes each feature high-end finishes, full-sized kitchen, washer and dryer, vaulted ceilings, and large windows. There is also a full-time on-site property manager.
“This offering provides investors a rare opportunity to acquire a generational multifamily asset in one of California’s premier coastal communities,” said Clark. “With under a two percent vacancy rate, Santa Barbara has an extremely high demand for rental housing. Being that the size of the units at Sycamore Creek Village are small, the rents are lower than other nearby rental communities, making this property an ideal, affordably priced, workforce housing option.”
Clark noted that this property is also rare due to the fact that it is just one of two multifamily properties that has been developed over the past 30 years in Santa Barbara. The project is zoned as a mobile home park, however, the freestanding homes are built on permanent foundations.
Sycamore Creek Village is conveniently located on Santa Barbara’s lower east side within
walking distance to east beach, Trader Joe’s, Montecito, Milpas shops (which includes Trader Joe’s, Rite-Aid and a number of restaurants), and is biking distance to Downtown State Street, The Funk Zone and Santa Barbara City College.